PROVIDENCE – General Growth Properties Inc., the bankrupt owner of the Providence Place mall, received preliminary court approval Tuesday for a reorganization plan that eases the terms of $9.7 billion worth of its mortgage loans, including the one for Providence Place.
Chicago-based General Growth said the subsidiaries for which it has negotiated new loan terms would exit bankruptcy by the end of the year if the plan wins final approval. Among them is Providence Place Holdings LLC, which holds the 2 million-square-foot shopping center here, according to court documents reviewed by Providence Business News.
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U.S. Bankruptcy Judge Allan Gropper in New York has scheduled a Dec. 15 confirmation hearing on the reorganization plan, which General Growth and its lenders filed late last month, according to Bloomberg News. Objections must be filed by Dec. 11.
Other General Growth properties that have roughly $6 billion in mortgage loans against them will remain in bankruptcy, Bloomberg said.
In addition to Providence Place, General Growth also owns the 1.04 million-square-foot Silver City Galleria in Taunton. Silver City’s status was unclear on Wednesday.
General Growth also manages the 700,000-square-foot Swansea Mall, which is owned by New York-based Carlyle Development Group Inc.
Additional information is available at ggp.com.
