General Growth agrees $9.7bn reorganisation plan

The US REIT, which filed for bankruptcy protection in April, has reached agreement to extend loans covering $9.7bn of its secured debt. Confirmation of the plan is scheduled for 15 December.

General Growth Properties has reached agreement to reorganise $9.7 billion of debt secured against its shopping centres, offices and other real estate assets, the firm has said.

The US real estate investment trust, which filed for Chapter 11 bankruptcy protection in April, said last month it had agreed with lenders to restructure $8.9

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