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General Growth Properties Announces It Expects to File a Chapter 11 Plan of Reorganization on or around July 9, 2010

^{Published on 2010-06-29 17:40:27 - Market Wire}
 

CHICAGO--([ BUSINESS WIRE ])--General Growth Properties, Inc. (NYSE: GGP)today announced it expects to file its Chapter 11 Plan of Reorganization and accompanying disclosure statement on or around July 9, 2010. Concurrent with this announcement, GGP has filed a motion with the United States Bankruptcy Court for the Southern District of New York requesting an extension of its exclusive period in which to file the Chapter 11 Plan of Reorganization through October 18, 2010, and its exclusive period to solicit acceptances of any Plan of Reorganization through December 16, 2010. The current exclusivity periods are scheduled to expire on July 15, 2010, and September 15, 2010, respectively.

While GGP expects to file its plan within the current exclusivity period, the requested extension is integral to GGPa™s strategy to maximize value upon emergence. The extension would allow GGP to continue to explore all financing emergence options available to it and to complement or replace existing financing commitments on an exclusive basis.

FORWARD LOOKING STATEMENTS

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, the bankruptcy filings of the debtors not currently emerging from bankruptcy, our ability to refinance, extend, restructure or repay our near and intermediate term debt, our substantial level of indebtedness, our ability to implement a plan or plans of reorganization for the remaining debtors to emerge from bankruptcy, our ability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit market conditions, impairments, land sales in the Master Planned Communities segment, and our liquidity demands. Readers are referred to the documents filed by General Growth Properties, Inc. with the Securities and Exchange Commission, 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.

ABOUT GGP

GGP currently has ownership interest in or management responsibility for more than 200 regional shopping malls in 43 states, as well as ownership in planned community developments and commercial office buildings. The Companya™s portfolio totals approximately 200 million square feet of retail space and includes over 24,000 retail stores nationwide. The Companya™s common stock is traded on the New York Stock Exchange under the symbol GGP.