General Growth Properties gets 2-week loan reprieve

Updated Wednesday, December 3, 2008 11:15 am TWN, AP

General Growth Properties gets 2-week loan reprieve

WASHINGTON -- Shopping-mall owner General Growth Properties Inc. is getting a two-week extension on US$900 million in debt that had been scheduled to come due last week as the company works to stave off bankruptcy and negotiate longer-term extensions with lenders.

The mortgages cover two malls, Fashion Show and Palazzo, in Las Vegas, the company said late Sunday. Shares fell 25 cents, or more than 18 percent, to US$1.13 in Monday afternoon trading, mirroring a decline in the broader market.

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