The Chapter 11 filings on April 16, 2009 by General Growth Properties, Inc. (“GGP”), GGP Limited Partnership (“GGP LP”) and 166 of their shopping center subsidiaries, many of which were formed as bankruptcy-remote, special purpose entities (“SPEs”), raised concerns for the commercial mortgage-backed securities (“CMBS”) industry.
USA, Insolvency & Restructuring, Securitization & Structured Finance, Locke Lord LLP, Bankruptcy, Debtor, Collateral (finance), Interest, Mortgage loan, Joint venture, Cashflow, Default (finance), Systemic risk, Subsidiary, Commercial mortgage-backed security, Mortgage-backed security, Secured loan, Credit rating agency