Bankruptcy court OKs General Growth's plan
CHICAGO - Mall operator General Growth Properties Inc. said a bankruptcy court has approved its plan to restructure $10.25 billion in debt related to 103 properties as part of its effort to emerge from Chapter 11 bankruptcy protection. General Growth, which owns many of the Baltimore region's malls and is based in Chicago, filed the largest U.S. real estate bankruptcy case in history in April. Under the reorganization plan, the approval of which was announced Tuesday, 194 debtors owning 85 regional shopping centers, 15 office properties and three community centers will emerge from bankruptcy "as soon as practible." Lenders will restructure the properties' 87 secured mortgage loans, worth about $10.25 billion in exchange for full payment of all undisputed claims of creditors. A plan for 26 more debtors will be up for approval after certain conditions are satisfied.
- Associated Press
3 companies to lease at UMBC technology park
Three companies have signed leases for space in the newest building at the University of Maryland, Baltimore County's BWTech research and technology park in Catonsville. The companies are the Research Group, the Maryland Business Roundtable for Education and a Subway Cafe, an upscale version of the fast-food sandwich restaurant. The Research Group is moving from offices in downtown Baltimore to an 8,000-square-foot office in the building, located at 5520 Research Park Drive. The Maryland Business Roundtable for Education, a coalition of business leaders working to improve public education in the state, is occupying 3,500 square feet. The Subway cafe will take up 1,600 square feet on the building's first floor.
- Gus G. Sentementes
Bank of America names Brian Moynihan new CEO
CHARLOTTE, N.C. - Bank of America's board of directors has chosen consumer banking chief Brian Moynihan to replace Ken Lewis as CEO of the nation's biggest bank on Jan. 1. Their pick of an internal candidate on Wednesday followed a months-long search and unsuccessful attempts to hire a star industry executive for the top job. The negotiations were complicated by pay restrictions imposed by government pay czar Kenneth Feinberg before the bank repaid $45 billion of federal bailout loans needed to prevent its failure.
- Associated Press