General Growth Avoids Chapter 11

The Wall Street Journal reports:

General Growth Properties Inc., struggling under a mountain of debt, said Monday that it latest effort to win a reprieve from bondholders had fallen short.

But a bankruptcy filing isn't imminent for the mall giant, according to people familiar with the matter, and General Growth's ability to remain out of bankruptcy shows the unusual dynamic between lenders and distressed companies in the recession-ravaged commercial-real-estate market.

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