General Growth to emerge from bankruptcy protection by year-end

General Growth Properties said in a court filing that it has stepped up a plan to emerge from bankruptcy protection through restructuring nearly $10 billion in mortgage loans. This amount exceeds the previously announced agreements in principal to restructure $8.9 billion of mortgage loans. The company also told Bloomberg that it has no plans to sell any of its high-profile properties to raise cash.

General Growth filed for the 92 regional shopping and community centers, office properties and other entities associated with these loans. The company said the properties will emerge from bankruptcy before the end of the year. Confirmation by the court is scheduled for Dec. 15.

“We are extremely pleased to take this important step of filing the plan of reorganization for these debtors,” said Thomas H. Nolan Jr., president and COO, in a prepared statement. “Our successful completion of agreements in principal with additional mortgage lenders shows our continued progress. We will continue to work with our other secured mortgage lenders and are hopeful that we will reach additional consensual agreements quickly.”