• Most Popular
  • Most Shared

General Growth concedes to banks for reprieve -WSJ

Mon Dec 22, 2008 2:42am EST

Dec 22 (Reuters) - General Growth Properties Inc GGP.N agreed not to take any significant actions without the consent of certain lenders in order to gain a reprieve on a debt-payment deadline last week, the Wall Street Journal said.

Stocks  |  Bonds

The concession, long sought by General Growth's lenders, is expected to be disclosed soon in a U.S. Securities and Exchange Commission filing by the company, the paper said, citing people familiar with the matter.

General Growth could not be immediately reached for comment by Reuters.

Last week, General Growth's syndicate of lenders agreed to extend the payment deadline of a $900 million loan to Feb. 12, 2009. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Hans Peters)

Stocks
Bonds


More from Reuters

Photo

Honda expands airbag recall as more Toyotas probed

TOKYO/DETROIT (Reuters) - Honda Motor Co said it would recall another 440,000 cars around the world for faulty airbags as rival Toyota Motor Corp faced further probes over its largest-ever safety crisis. | Video

» More Top News
A worker walks on steel frames at a construction site in central Beijing January 27, 2010. REUTERS/Loic Hofstedt
Analysis:

China's boom may lead to bust

The housing market is becoming the investment of choice for the Chinese, which is making policymakers very nervous.  Full Article 

China
A Greek flag at the Bank of Greece is seen near a statue of ancient philosopher Socrates in Athens February 5, 2010. REUTERS/Yiorgos Karahalis

Avoiding "another Greece"

Don't count on the euro zone growing anytime soon. Getting into the single-currency club will be tougher than ever.  Full Article 

Global Markets