GGP- day of reckoning?

Hard to say at this point. The stock's up 31% as I type. The company announced that it was able to refinance $900 million in debt, but that is not the $900 million that comes due today for the Vegas malls. There's no assurance of further extensions on those loans; I'd have to speculate that this is because Citibank has been playing hardball by wanting a retrade on another deal. And I guess the other banks cannot, have not or will not buy Citi out of its share of the loans, which is one way to skin that cat.

For those of you interested in the CMBS part of the deal in the event of a filing, this story on a Fitch downgrade will explain it well, and that those investors ought to be safe becauseof bankruptcy remoteness. Ah yes, substantive nonconsolidation opinions.....zzzzzz......

Have a good weekend! I'll be back if there is more to say. I may have to head back to the Office Depot liquidation sale at the brand-new branch near my house. So sad. That's a ten year lease going dark, by the way, although I do not know any other terms.

Comments

Post a Comment

Popular posts from this blog

Oops. I plain forgot.

I said some time ago that I would publish a review of the new Powerhouse Restaurant and Bar , located right beneath my Chicago office. And I never did. So here goes. I've had a couple of lunches and dinner since the place opened, so I can be candid. All the food I had ranged from very good to superb. The pork belly and chicken thigh appetizers were wonderful. The pork chops were juicy and tasty. The ribeye steak was perhaps the best I've ever had (and trust me, I have eaten a LOT of steak in my life). Forget the red meant and cholesterol and fat and all that stuff for one meal; just splurge and eat it. One of my dining companions said the cod was good but not superlative in his view. I was really too full to enjoy the sweet potato doughnuts. On the lunch side: I recommend the cheese quesadillas and the burger, which also has the tastiest bacon from Wisconsin. I'm getting hungry and I don't want to tempt myself...2008, after all! Service is always first rate, f
Read more

The DLB's Third Anniversary Post

Wow -- three years of blogging this Sunday.  Since I do not plan to write this weekend, I want to take a moment now to reflect on what the past three years have meant to me. First and foremost, blogging has been fun and educational. I truly believe that, thanks to reading more, writing more, and interacting with pros in the business I have become a better adviser to my clients. Yes, the technical lawyering and drafting and stuff is very important. But I have learned much by trying to put on the glasses of your client and thinking practically, while also keeping that lawyer hat on.  That said, I know I am not the business guy, but I also think I can give better advice while at least keeping in mind that side of the coin. You just do the best you can. I have also changed as a blogger, and hopefully for the better.  I get more news and posting from Twitter now than I do from the news or from other blogs. I do not know whether that is good or bad, but I know it is the reality of the situat
Read more