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General Growth takes on bankruptcy counsel: report
NEW YORK (Reuters) - General Growth Properties Inc GGP.N has hired law firm Sidley Austin as bankruptcy counsel as it negotiates with lenders for more time to restructure its $27 billion debt, the Wall Street Journal said on Wednesday.
The move does not mean that a Chapter 11 filing from the company is imminent, the report added.
General Growth and Sidley Austin representatives were not immediately available for comment.
General Growth, based in Chicago, has $1.13 billion in debt coming due, including $900 million in secured mortgage debt due November 28 on two of its Las Vegas shopping centers -- Fashion Show mall and Shoppes at the Palazzo, and $58 million of corporate debt on December 1.
The company is in talks with banks including Deutsche Bank (DBKGn.DE), Goldman Sachs Group (GS.N) and Wachovia Corp WB.N to extend its payment deadline on the $900 million due November 28 as it tries to avoid a possible bankruptcy filing, the Journal said, adding that General Growth was also trying to sell three luxury malls on the Las Vegas Strip.
(Reporting by Aarthi Sivaraman; Editing by Clarence Fernandez)
