Long Proceedings Add to Losses in GGP's Chapter 11

June 5, 2009

The most recent bankruptcy court ruling on May 13 for General Growth Properties' (GGP) Chapter 11 filing have upheld the separate legal structure of U.S. CMBS loan special purpose entities (SPEs). However, the costs of defending the bondholders' positions will ultimately create higher losses on the subordinate bonds, said Fitch Ratings analysts.

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