July 6, 2010
By Allison Landa, News Editor
General Growth Properties has asked a New York bankruptcy court to extend its period for filing a Chapter 11 plan of reorganization. The company, which went bankrupt last year, says it expects to file by July 9, but is asking for an extension through Oct. 18.
“While GGP expects to file its plan within the current exclusivity period, the requested extension is integral to GGP’s strategy to maximize value upon emergence,” the company asserted in a prepared statement. “The extension would allow GGP to continue to explore all financing emergence options available to it and to complement or replace existing financing commitments on an exclusive basis.”
Currently the exclusivity period to file the plan and its accompanying disclosure statement is scheduled to expire on July 15. The exclusive period to solicit acceptances of any plan of reorganization is scheduled to expire on Sept. 15. GGP has requested an extension of that date to Dec. 16.