November 20, 2009

Greg Cross comments on General Growth Properties bankruptcy settlement in numerous publications

1 min

Venable partner Greg Cross was quoted by more than 150 publications in stories about General Growth Properties’ November 19 announcement that it had reached agreements to restructure $8.9 billion of secured mortgage loans. The majority of stories were based on comments Cross, who is coordinating counsel for the secured creditors in the bankruptcy, made to reporters at the Wall Street Journal, Reuters, AP, Bloomberg, Baltimore Sun, Chicago Tribune and Baltimore Business Journal.

The deal, which still must be approved by the bankruptcy court, would spread out the maturation dates of GGP’s loans while ensuring an amortization schedule that would prevent several large payments from coming due within a short time period.

"From the lenders' perspective, we're going to recoup anything that was lost as a result of the bankruptcy, and the structure of the settlement significantly increases the likelihood that we're going to get paid in full when the loans mature," said Cross.