I see atleast a dozen malls...are there others remaining ? Does this cover remaining 5B or is this covering 2B ?
If it doesnt cover all, I still expect the remaining to agree before today's court...
It doesnt make sense why they would be holding out...esp if company decides "enough is enough" and files a motion for cramdown after today..
My expectation today is all 5B agrees for extension today itself and it will be official..
Lets see if it happens
"To the extent that an agreement is not reached with the remaining property-level secured debt holders, then the Debtors may file a plan or plans, seeking nonconsensual confirmation under section 1129(b) of the Bankruptcy Code, if necessary, over the objection of the remaining property-level secured debt holders."
You have to be on to something.
While the Pershing piece is wonderful and clearly has a big positive impact, with this volume and this demand there must be other things happening.
If this is the last court hearing for the year, I would expect some sort of PR later today or tomorrow summarizing where they are with the secured debtholders.
Could be the outlayers are just having trouble getting their votes in to approve their loan amendments. Remember some of the CMBS issues were sold to school districts in Poland and Thailand so I am sure they repond pretty slow.
Nolan did say on CNBC that they were going to work to resolve the unsecureds after the first of the year. That could certainly lead one to beleive that he expects the secureds to be resolved by then.
I suspect they may be pretty far along with resolving some of the unsecureds. Remember all the unsecureds are not the same. Some of them represents pieces of a corporate revolver, while some others represent some unsecured bonds that GGP inherited from Rouse. These are certainly not apples to apples and may not even be apples to oranages, more like apples to bowling balls.
Hope for some good PR at the end of the day after the Court signs off on lots of motions before them.