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| General Growth Properties announces denial of Motions to Dismiss General Growth Properties, the second-largest U.S. mall owner, announced the Motions to Dismiss the Chapter 11 cases of certain subsidiaries of the Company filed by ING Clarion Capital Loan Services, Helios AMC, LLC, Metropolitan Life Insurance Company and KBC Bank N.V. have been denied. Since April 2009, General Growth Properties and certain of its wholly owned subsidiaries have been operating as debtors-in-possession pursuant to the provisions of Chapter 11 of the U.S. Bankruptcy Code. The Chapter 11 cases are being jointly administered in the Bankruptcy Court of the Southern District of New York. However, the company's property management subsidiary, certain of its wholly owned subsidiaries, and its joint ventures, either consolidated or unconsolidated, have not sought such Chapter 11 protection. Since the commencement of the Chapter 11 cases, the debtors have continued their normal operations, as approved by Bankruptcy Court rulings, and have been developing a plan of reorganization that extends mortgage maturities, reduces overall leverage and that would allow the emergence from bankruptcy as quickly as possible, while preserving the Company's integrated, national business operations. write your comments about the article :: © 2009 Construction News :: home page |