A bankruptcy judge in Manhattan has approved General Growth Properties’ plan to reorganize loans for the Mall of Louisiana. Reorganization plans for the Baton Rouge mall and for a shopping center in San Francisco were approved by U.S. Bankruptcy Judge Allan Gropper, according to Bloomberg News. The two properties had $500 million in loans on them. This is the fifth installment of project level reorganizations. General Growth attorneys say there are just six property level loans totaling $2.8 billion that need to be reorganized. General Growth Properties announced last week it had reached a deal with Canadian property manager Brookfield Asset Management Inc. that will enable General Growth to exit Chapter 11 bankruptcy protection. General Growth says Brookfield will invest $2.5 billion in cash in exchange for General Growth shares, giving Brookfield a 30% stake.
Judge approves reorganization plan for Mall of Louisiana
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