Ala Moana Center — as well as General Growth-owned properties Ward Centre, Ward Entertainment Center, Ward Gateway Village and Prince Kuhio Plaza — was among 96 properties owned by 180 General Growth (OTCBB:GGWPQ) subsidiary debtors to emerge from bankruptcy after the restructuring of 74 mortgage loans, the company said in a news release.
In December, General Growth won approval from the U.S. Bankruptcy Court to restructure about $10.25 billion in mortgages on its nationwide portfolio of retail and office properties.
General Growth, which filed for Chapter 11 bankruptcy reorganization in April, expects the restructuring of 16 remaining loans totalling $2.1 billion on 16 properties to be completed over the next few weeks. Those restructurings will be the final plans of the Chapter 11 bankruptcy reorganization approved by the court to be implemented.
The company also said Monday that it had closed on an extension of its $155 million mortgage loan on the Carolina Place mall in Pineville, N.C., which had been scheduled to mature this month. The joint venture subsidiary that owns the mall, Carolina Place LLC, was not among the General Growth entities that sought bankruptcy protection.
General Growth owns or manages more than 200 regional shopping malls in 43 states, including the five properties in Hawaii.
The company also manages Windward Mall on Oahu; King’s Shops at Waikoloa Beach Resort and Queens’ Marketplace on the Big Island; and Whaler’s Village and Queen Kaahumanu Center on Maui. Those malls are not involved in General Growth’s bankruptcy reorganization.
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