Chicago-based mall owner General Growth Properties has received a two-week extension on $900 million in mortgage loans that came due Nov. 28.
The company said it was working with its syndicate of lenders for a longer-term extension.
GGP in mid-November said it might seek bankruptcy protection from its creditors as it sought to refinance its debt.
GGP has another $3.1 billion in debt that matures in 2009. The company’s debt obligations increase in future years, growing to $3.9 billion in 2010 and $7.3 billion in 2011.
GGP owns about 200 malls nationwide and owns eight in the Baltimore area, including Harborplace, Towson Town Center, Mondawmin Mall, the Mall in Columbia and Owings Mills Mall.
