General Growth Properties, Inc. (NYSE:GGP) announced today that it had
entered into Amended and Restated Forbearance and Waiver Agreements with
its syndicates of lenders for the 2006 Senior Credit Agreement and the
Secured Portfolio Facility which extend the forbearance periods from
today until March 15, 2009. Under the terms of the amended Forbearance
Agreements, the Company agreed to certain additional restrictions and
covenants, and the lenders agreed that certain possible future
cross-defaults related to the Company’s mortgage indebtedness will not
cause an immediate termination of the Forbearance Agreements.
General Growth is a U.S. based, publicly traded Real Estate Investment
Trust. The Company currently has an ownership interest in or management
responsibility for a portfolio of more than 200 regional shopping malls
in 44 states, as well as ownership in master planned community
developments and commercial office buildings. The Company portfolio
totals approximately 200 million square feet of retail space and
includes over 24,000 retail stores nationwide. The Company is listed on
the New York Stock Exchange under the symbol "GGP". For more
information, please visit the Company Web site at www.ggp.com.
This press release contains forward-looking statements. Actual results
may differ materially from the results suggested by these
forward-looking statements, for a number of reasons, including, but not
limited to, our liquidity and refinancing demands, our ability to
successfully manage our strategic and financial review, our level of
indebtedness and interest rates, retail and credit market conditions,
tenant occupancy and tenant bankruptcies, impairments, land sales in the
Master Planned Communities segment, and the cost and success of
development and re-development projects. Readers are referred to the
documents filed by General Growth Properties, Inc. with the SEC, which
further identify the important risk factors which could cause actual
results to differ materially from the forward-looking statements in this
release. The Company disclaims any obligation to update any
forward-looking statements.
Tim Goebel
General Growth Properties, Inc.
P:
(312) 960-5199
