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U.S. judge OKs cash collateral for General Growth
NEW YORK |
NEW YORK (Reuters) - A U.S. Federal bankruptcy judge approved on Thursday a request by mall owner General Growth Properties Inc to use cash collateral to fund business operations during its bankruptcy.
U.S. Bankruptcy Judge Allan Gropper, approved the request at the company's first day in U.S. Bankruptcy Court in Manhattan.
Judge Gropper said the company has told him it has $140 million in unencumbered cash in the bank that it wants to use to finance its operations during the bankruptcy, while it waits for approval of a debtor-in-possession (DIP) bankruptcy loan.
A hearing on the $375 million in DIP financing from Pershing Square Capital Management LP as agent, was set for May 8.
The case is In re: General Growth Properties Inc, U.S. Bankruptcy Court, Southern District of New York, No. 09-11977.
(Reporting by Phil Wahba, writing by Emily Chasan; Editing by Andre Grenon)
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