General Growth Properties lives to fight another day

Elk Grove Promenade developer avoids trip to bankruptcy court - We're not dead yet!

Today General Growth Properties (GGP) seems to be playing the deprecate old man from Monty Python's "Holy Grail" who shouts out "I'm not dead yet!"

The good news today for GGP is that the consortium of lenders that the Chicago-based mall developer owes $900 million to has extended the loan until February 12. By it's own omission, GGP was technically in default when the deadline came and went and failure to get another extension would have meant a trip to the bankruptcy court.

To raise money between now and February, GGP hopes to sell two prized malls in Las Vegas. GGP is the developer of the unfinished Elk Grove Promenade Mall who's construction was halted earlier this year.

Despite the positive development, GGP shares are trading lower at $1.58 in after hours trading.