DailyHerald.com - Business - Mar 11, 2010Simon Property Group, Inc. (SPG)
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James Sullivan
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Green Street AdvisorsSimon Property and lawyers representing General Growth's unsecured creditors had called the bankrupt mall owner's previous proposal for restructuring its debt too risky because it relied on raising capital from public markets.
"Simon could pay much more than it originally offered and, perhaps, as much as a couple of dollars more per share than the value of the BAM/Fairholme/Pershing deal now on the table, and still get a good deal for Simon shareholders," said Jim Sullivan, an analyst with Green Street Advisors in Newport Beach, California. Sullivan made the comment in an e mail to Bloomberg News yesterday. General Growth, owner of New York's South Street Seaport and Boston's Faneuil Hall, filed the largest real estate bankruptcy in U. S history in April after amassing $27 billion in debt making acquisitions.
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<span class="company">Simon Property</span> and lawyers representing General Growth's unsecured creditors had called the bankrupt mall owner's previous proposal for restructuring its debt too risky because it relied on raising capital from public markets.<span class="sent"> "Simon could pay much more than it originally offered and, perhaps, as much as a couple of dollars more per share than the value of the BAM/Fairholme/Pershing deal now on the table, and still get a good deal for Simon shareholders," said <span class="analyst">Jim Sullivan</span>, an analyst with Green Street Advisors in Newport Beach, California.</span> Sullivan made the comment in an e mail to Bloomberg News yesterday. General Growth, owner of New York's South Street Seaport and Boston's Faneuil Hall, filed the largest real estate bankruptcy in U. S history in April after amassing $27 billion in debt making acquisitions.
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