General Growth still hoping for reprieve

March 17, 2009 10:47AM

South Street Seaport owner General Growth Properties said its lenders are giving it until the end of the year to repair its finances, waiving default on a $2.6 billion credit agreement. The company has also asked the holders of $2.3 billion worth of bonds not to call in payments until the end of 2009 to give General Growth time to refinance, but so far not enough bond holders have agreed. The company saw $395 million in bonds come due Sunday, and another $200 million will come due April 30.

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