Posts Tagged ‘bankruptcy judge’

Competition Continues For General Growth Properties

Thursday, February 25th, 2010

Post from the Wall Street Journal regarding the General Growth bankruptcy:

“The takeover battle for mall owner General Growth Properties Inc. reached a boiling point Wednesday as General Growth unveiled a deal with Canadian property investor Brookfield Asset Management Inc. even as Australian mall owner Westfield Group considered entering the fray.

Westfield, which owns 119 malls in the U.S., Australia and Britain, signed a nondisclosure agreement this week to begin discussions with General Growth about a possible offer, people familiar with the matter said.

Westfield has $8 billion of borrowing capacity on hand, and is thus far acting alone, these people said.

As Westfield deliberated, General Growth laid out a plan …”

General Growth Properties owns Galleria at Tyler in Riverside, Moreno Valley Mall, and Redlands Mall in the Inland area. A bankruptcy judge will consider all  options for the hearing set for March 3.

Follow news about General Growth Properties at the Curtis Law Group Bankruptcy Blog.

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GM Will Survive Bankruptcy, But With $48 Billion in Debt

Thursday, July 9th, 2009

From Bloomberg news:

“General Motors Corp., which is preparing to sell its best assets to a streamlined new entity, will carry with it liabilities of $48.4 billion, a bankruptcy judge said.

The new GM agreed to take on those obligations to benefit creditors, U.S. Bankruptcy Judge Robert Gerber in New York said in a ruling on July 7 that denied a quick appeal to opponents of the sale. The debt will be offset by GM’s most competitive assets, such as Cadillac, Chevrolet, Buick and GMC.

Gerber previously approved the sale of most of GM’s business to a U.S. Treasury-funded buyer and said the company could complete the deal any time after today at noon. The Treasury has set a July 10 deadline for the sale.

Detroit-based GM entered bankruptcy court on June 1 reporting global liabilities of $176.4 billion as of Dec. 31. The old GM will be left with GM’s remaining obligations and unwanted assets, including contaminated factory sites, a parking lot in Flint, Michigan, and a nine-hole golf course in New Jersey.

Gerber ruled on July 7 that asbestos and accident victims couldn’t block the sale or take their opposition directly to an appeals court, bypassing the intermediate district court. He said in a written decision that if GM were forced to liquidate because an appeal blocked the sale, creditors could lose $66.6 billion in value.”

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