General Growth Properties, the second-largest U.S. mall owner, said it restructured 74 secured mortgage loans totaling $9.4 billion, allowing 180 subsidiary debtors to emerge from bankruptcy.
The restructuring of 16 remaining loans, valued at about $2.1 billion and involving 36 additional borrowers, is expected to occur in the next few weeks, Chicago-based General Growth said in a statement Monday. It also completed a four-year extension of a $155 million mortgage on the Carolina Place mall in Pineville, N.C.
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