General Growth Properties' disclosure statement granted court approval

By Lisa Kerner

Charlotte, N.C., Aug. 19 - General Growth Properties, Inc.'s disclosure statement was approved by the U.S. Bankruptcy Court for the Southern District of New York on Thursday, according to a company news release.

A plan confirmation hearing is scheduled for Oct. 21, the company said.

An attorney close to the case said minor modifications to the plan would be submitted.

The company filed a second amended plan of reorganization and related disclosure statement on Tuesday.

"Prior to our Chapter 11 filing, GGP had almost $28 billion of mostly short-term debt and a broad range of real estate assets," said chief executive officer Adam Metz.

"We are now positioned to emerge from bankruptcy as two focused companies with $15 billion of extended maturities and approximately $7 billion of equity capital provided by our new investors," Metz said.

General Growth, a Chicago-based real estate investment trust that owns regional shopping malls, master planned community developments and commercial office buildings, filed for bankruptcy on April 16, 2009. Its Chapter 11 case number is 09-11977.

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