LOS ANGELES (AP) — Mall operator General Growth Properties Inc. says its lenders have agreed to restructure some $8.9 billion in loans secured by shopping centers.
General Growth said Thursday it hopes it will be able to bring the malls out of bankruptcy before the year is out.
The company and roughly 166 regional shopping centers and other subsidiaries filed for Chapter 11 bankruptcy protection in April. It was the largest U.S. real estate bankruptcy case in history.
Lenders agreed to extend the due dates on 70 loans to no earlier than January 2014.
General Growth said it expects the agreements will be the basis for reworking another $6 billion in mortgage loans.
The agreements must be approved by the bankruptcy court.
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