General Growth Properties loans extended

$900 million extended four two weeks, investors unimpressed

Chicago-based General Growth Properties (GGP) was able to get a two week extension of a $900 million loan that was due this week. Yesterday GGP announced that was able to extend a $58 million loan that was also due this week.

GGP is the developer of the Elk Grove Promenade mall. Construction of the mall on Elk Grove's south side was suspended in July as the company was unable to land anchor tenants and faced it's current credit crunch.

Despite the two loan extensions, investors were unimpressed as GGP shares sank to 94¢.