Lenders lengthened General Growth Properties Inc.’s financial lifeline to March 15, giving the real estate giant six more weeks to cope with debt assumed while it built a portfolio of more than 200 malls.
Investors pushed General Growth stock up 30.8 percent to 85 cents Monday, but the issue is still a fraction of its 52-week high of $44.23. The company said lenders agreed to extend the forbearance periods on its 2006 senior credit agreement and its secured portfolio facility, which were set to expire last Friday.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"