CHICAGO, Oct. 27 /PRNewswire/ -- General Growth Properties, Inc.
(NYSE: GGP) today announced that an affiliate of GGP, with JMB Realty Corp.
and the other owners (Owners) of Liberty House, Inc. reached agreement to
propose a joint plan of reorganization for Liberty House. Liberty House is
Hawaii's premier local department store chain. The company operates 12
department stores in Hawaii including its 330,000 square foot flagship store
at Ala Moana Center, a 51,000 square foot store at Prince Kuhio Plaza and six
specialty retail stores. In addition, the company operates a department store
on the island of Guam.
(Photo: http://www.newscom.com/cgi-bin/prnh/19990208/CGM015 )
Together, GGP and the Owners filed an amended plan of reorganization for
Liberty House and an accompanying draft of a disclosure statement in the
United States Bankruptcy Court for the District of Hawaii. United States
Bankruptcy Judge Lloyd King must approve the adequacy of the draft disclosure
statement before GGP and the Owners can begin to solicit acceptances of their
proposed joint plan. GGP and the Owners have requested an expedited hearing
to consider the adequacy of their draft disclosure statement. If the
Bankruptcy Court approves the adequacy of the disclosure statement, GGP
expects that it will be mailed with the plan of reorganization to all
creditors for balloting. Implementation of the joint plan would then be
subject to creditor vote, approval by the Bankruptcy Court and the
satisfaction of the conditions identified in the joint plan.
The joint plan of reorganization and disclosure statement would replace
the plan and disclosure statement sponsored by the Owners earlier this year.
Earlier this month, the Bankruptcy Court had approved the adequacy of the
disclosure statement associated with that plan, but it has not been circulated
to creditors.
"Our company has a substantial investment in the state of Hawaii. We are
anxious to see Liberty House emerge from bankruptcy as soon as possible,"
stated John Bucksbaum, chief executive officer of General Growth. "A
financially sound Liberty House is an important component to maintaining a
vibrant retail economy in Hawaii," he added.
General Growth Properties, Inc. is one of the oldest and most experienced
shopping center owners, developers and managers in the United States. It
currently has ownership interests in, or management responsibilities for,
137 shopping malls in 37 states, encompassing approximately 117 million square
feet. For more information, visit the company website at
http://www.generalgrowth.com .
SOURCE General Growth Properties, Inc.
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Related links:
http://www.generalgrowth.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/19990208/CGM015
PR Newswire Photo Desk, 888-776-6555 or 201-369-3467
Company News On-Call:
http://www.prnewswire.com/comp/110740.html or fax,
800-758-5804, ext. 110740
CONTACT:
John Bucksbaum, 312-960-5005, or Bernard
Freibaum, 312-960-5252, both of General Growth Property
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