The owner of the Glendale Galleria emerged from bankruptcy protection Tuesday with a new operating plan that officials said would have little immediate impact on local consumers.
A spokeswoman for the Galleria's owner, Chicago-based General Growth Properties, said there were no immediate plans for changes at the Glendale mega-mall. General Growth owns or operates more than 200 malls.
Under the plan, the company restructured roughly $15 billion of project-level debt, and obtained $6.8 billion in new capital, according to an announcement. General Growth was also able to pay all creditor claims, the company said.
General Growth will also become two separate companies, with one controlling most of the mall properties, and the other focused more on master-planned communities and real estate development.
While the emergence from 19 months in Chapter 11 protection isn't expected to bring immediate change to the Galleria, the mall is already welcoming four new stores as the holiday shopping season kicks into gear.