A Manhattan bankruptcy judge approved General Growth Properties Inc.’s plans to restructure more than $10 billion in mortgages Tuesday, Bloomberg reports. The restructuring will allow 103 mall properties holding those loans to exit bankruptcy by the end of the year.
As we previously reported, GGP, the nation’s fourth-largest real estate investment trust, filed restructuring plans for the mortgages Dec. 2. The unusual deal to modify the terms of its plethora of securities has been viewed as a possible model for other investors facing foreclosure on similarly troubled real estate; it stands as the largest restructuring of commercial mortgage-backed securities debt ever.
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