U.S. Judge okays cash collateral for General Growth Properties, Inc.

Reuters Finance ^ | 4-21-2009 | Reporting by Phil Wahba, writing by Emily Chasan; Editing by Andre Grenon

[MeneMeneTekelUpharsin]

NEW YORK, April 16 (Reuters) - A U.S. Federal bankruptcy judge approved on Thursday a request by mall owner General Growth Properties Inc GGWPQ.PK to use cash collateral to fund business operations during its bankruptcy. U.S. Bankruptcy Judge Allan Gropper, approved the request at the company's first day in U.S. Bankruptcy Court in Manhattan. Judge Gropper said the company has told him it has $140 million in unencumbered cash in the bank that it wants to use to finance its operations during the bankruptcy, while it waits for approval of a debtor-in-posession (DIP) bankruptcy loan.

[MeneMeneTekelUpharsin]

Freepers who are saavy investors, is this company going to come out of this with any equity? Thanks in advance. BTW, symbol now is GGWPQ.