Troubled shopping mall owner General Growth Properties Inc. said lenders have waived default on a $2.58 billion credit agreement until the end of the year, allowing the troubled shopping mall owner some time to regain its financial footing.
But its Rouse Company unit extended the expiration date on a request for forbearance on another more than $2 billion worth of debt, after it failed to convince enough of its bondholders to give it more breathing room.
General Growth said it has received enough consents from lenders under its 2006 corporate credit agreement, which includes a $1.99 billion term loan and $590 million revolving credit facility, to extend a forbearance agreement currently in place through the end of 2009.