Title

Insolvency and Restructuring Update
In re General Growth Properties, Inc.

Created date

5/20/2009

In an important ruling issued on Wednesday, May 13, 2009 Bankruptcy Judge Allan L. Gropper in the Southern District of New York approved a $400 million debtor-in-possession facility for General Growth Properties, Inc., which filed the largest real-estate Chapter 11 case in U.S. history. In connection with approving the financing, Judge Gropper permitted affiliated debtors to use excess cash collateral from bankruptcy-remote special purpose entities which, to the surprise of many market participants, were included in the Chapter 11 proceedings.

Related Professionals
Related Practices