Oviedo Mall owner gets another extension on debt payments

Oviedo Marketplace owner/operator General Growth Properties (GGP) has negotiated new terms with bondholders on its $2.25 billion in debt.

According to Bloomberg:

The company’s Rouse Co. unit extended the expiration date for the consent solicitation to 5 p.m. New York time on March 27, Chicago-based General Growth said today in statement. It was the third extension of the deadline, which last expired on March 20. General Growth needs consents for at least 90 percent of the notes due this year. It has consents for 42 percent of $165.8 million in notes, and 67 percent of $134.8 million in notes.

General Growth last week lost a Louisiana shopping mall to foreclosure by Citigroup Inc. and two other investors, a sign lenders are less willing to give the real estate investment trust more time to pay debts. The company, owner of more than 200 shopping malls in 44 U.S. states, has been negotiating with lenders and putting real estate up for sale.

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