General Growth Properties Inc., the fourth-largest real estate investment trust in the United States, filed a set of restructuring plans Tuesday night that would collectively restructure billions of dollars in mortgages that it holds.
The proposed plans cover the lion’s share of GGP subsidiaries, and, if approved, would represent a significant step toward solving the parent company’s problems by taking a substantial proportion of those subsidiaries’ debt out bankruptcy. The remainder of GGP’s property-related debt, including $7 billion in trade and unsecured parent company debt, $6 billion in other property-related debt, and several billions of dollars more connected to joint ventures, must still be reconciled in bankruptcy court.
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