A little more than a month after being retained as restructuring and bankruptcy counsel by General Growth Properties, Sidley Austin has been dropped in favor of Weil, Gotshal & Manges and Kirkland & Ellis, reports The Wall Street Journal, citing sources familiar with the matter.
General Growth, a Chicago-based real estate investment trust (REIT), is the second-largest owner of shopping malls in the U.S. While General Growth has not yet filed for Chapter 11 protection, the retail real estate giant is struggling to restructure or postpone payments on over $20 billion in debt, installments of which are soon coming due.
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