After filing the largest real estate bankruptcy case in history last April, General Growth Properties (GGP) has identified substantive consolidation of its special purpose entities (SPEs) as a real possibility in its proceedings.

A Moody’s Investors Service report released yesterday said that the possibility came up at a hearing to extend the ‘exclusive period’ for GGP to design its own reorganization plan. After asking for another six months, GGP explained the need for more time was for the necessary analysis of each of the hundreds of SPEs that are involved in its Chapter 11 proceedings.

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