From the Chicago Sun-Times | The Aurora restaurant that once carried Walter Payton’s name has filed for Chapter 11 bankruptcy protection after months of unpaid bills and delinquent taxes that have kept its owners in and out of the courtroom. Owner Scott Ascher said he filed for bankruptcy protection for the facility Monday in order to sell the building to one of three interested parties. Ascher said the restaurant will remain open. Get the full story>>
Inside these posts: Ch. 11
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July 9, 2010 at 11:38 a.m.
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Filed under: Bankruptcy, Commercial real estate, Retail, Updated General Growth offered new loan from Barclays
General Growth Properties Inc. is seeking court approval to replace its $400 million bankruptcy loan with a new financing package, which the shopping-mall operator said will allow it to save several million dollars in interest payments each month.
In court papers filed Thursday, General Growth said it has struck a deal with Barclays Bank PLC to take out a $400 million bankruptcy loan to replace a similar loan from a group of lenders led by Farallon Capital Management LLC. Get the full story »
General Growth to file Ch. 11 reorg plan July 9
Chicago-based mall operator General Growth Properties Inc. said it expects to file its Chapter 11 reorganization plan on or around July 9.
The company today also asked the U.S. Bankruptcy Court in New York to extend its exclusive right to file a plan until Oct. 18. It is currently set to expire July 15. General Growth said it requested the extensions to allow it to “explore all financing emergence options available to it.”
