General Growth Properties, the second-largest US mall operator, intends to sell $1.3bn of bonds instead of seeking a term loan under a revised $8.5bn reorganization plan to exit bankruptcy. General Growth, based in Chicago, filed the revised plan yesterday in US Bankruptcy Court in New York. The company still expects to leave bankruptcy in October, as proposed in the earlier plan. Under the changes, $350m of shares will be available for clawback in the 180 days following the company’s exit from bankruptcy.
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Some housing pundits report the demand for housing is strong, while these same pundits, on another day say that we are in a housing affordability crisis. Can the two narratives be accurate at the same time? If not, which is one is true? HousingWire Columnist Logan Mohtashami takes a deeper dive.
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