General Growth gets some lender consents on waivers

But the real estate investment trust's subsidiary, The Rouse Company LP, did not reach agreement on a similar forbearance from holders of $2.25 billion in debt. It extended the expiration date for the so-called consent solicitation it had previously announced until March 20 from March 15.

General Growth, which faces $27 billion of debt maturing over the next four years, warned last week it was already past due on $1.18 billion of debt -- not including the Rouse Company notes -- and that this threatened the firm's liquidity position.

Hedge fund manager William Ackman, one of the company's biggest shareholders, told Bloomberg Television on Monday that he expects the company to file for bankruptcy imminently.

In its statement on Monday, General Growth said it already had agreement from a committee holding 41 percent of The Rouse Company's notes to forbear from exercising those remedies.

Two of five sets of noteholders had reached the required levels of consent for the solicitation to succeed, according to figures provided by the company.

We are pleased with the positive reaction to the bond consent solicitation, said Chief Executive Adam Metz. Given this support, we feel it is appropriate to extend the expiration date.

General Growth spokesman Tim Goebel could not be reached immediately for comment.

The company, which owns or manages more than 200 shopping malls across the United States, in February reported it barely broke even in the fiscal fourth quarter as a deteriorating economy took the air out of consumption and pressured occupancy rates.

The company's shares closed on Monday down about 5 percent at 61 cents. They are down about 99 percent off their 12 month high in May last year.

(Reporting by Helen Chernikoff; Editing by Lincoln Feast)