John C. La Liberte quoted by Boston Globe on General Growth Properties restructuring
December 3, 2009
John C. La Liberte, chair the firm's Litigation Department and of the Bankruptcy and Creditor Rights Group, was quoted in "Mall operator seeks new lease on life: General Growth Properties' debt plan would remove Faneuil Hall Marketplace from bankruptcy protection." The article appeared in the Boston Globe on December 3. The City of Boston owns Faneuil Hall Marketplace and leases three of the four buildings to General Growth Properties (GGP). When General Growth Properties entered bankruptcy proceedings earlier in the year, Faneuil Hall Marketplace tenants banded together to buy the lease from GGP. These efforts could be blocked by GGP's restructuring.
From the article:
"The reorganization plan is expected to come before a judge for approval Dec. 15. Many of General Growth's lenders agreed to extend maturity dates of their loans, maintain predefault interest rates, and waive fees. John C. La Liberte, chairman of the litigation department at the Boston law firm Sherin and Lodgen, said these terms will help provide a framework for lenders who have not made agreements."