Eurohypo: Only 10% Exposure To $2.6 Billion General Growth Loan
17 April 2009 - 2:14AM
Dow Jones News
Commerzbank AG's (CBK.XE) Eurohypo unit Thursday said its
potential losses from U.S. mall owner General Growth Properties
Inc. could amount to only 10% of its $2.6 billion loan to the
company, which sought bankruptcy protection earlier Thursday in one
of the largest real-estate failures in U.S. history.
Eurohypo, which specializes in commercial real estate and public
finance, said it previously made provisions for a potential loss
related to General Growth and was including further provisions in
its 2009 business plan.
Eurohypo added it supports a restructuring plan for General
Growth under its bankruptcy protection filing.
Company Web sites: www.eurohypo.com; www.commerzbank.com
-By William Launder and Ulrike Dauer; Dow Jones Newswires; +49
69 29 725 515; william.launder@dowjones.com