Ruffano Joins General Growth's Board

This is interesting…

CHICAGO–(BUSINESS WIRE)–GENERAL GROWTH PROPERTIES, INC. (GGWPQ) today announced the appointment of Glenn J. Rufrano to its Board of Directors.

Mr. Rufrano is currently the chief executive officer of Centro Properties Group, a retail investment organization specializing in the ownership, management, and development of retail shopping centers with an extensive portfolio of centers across Australia, New Zealand and the United States, which does not compete directly with GGP. Mr. Rufrano led Centro Properties Group through its successful restructuring during the current credit crisis. From 2000 until its acquisition by Centro Properties Group in April 2007, Mr. Rufrano was chief executive officer of New Plan Excel Realty Trust, Inc., as well as a member of that company’s board of directors. Mr. Rufrano spent 17 years as a partner at The O’Connor Group, a diversified real estate firm.

“Glenn’s CEO and restructuring experience combined with his regional shopping mall expertise will be invaluable to the Company as we continue to develop the plan to emerge from bankruptcy. We are delighted to be able to strengthen our Board with this latest addition and look forward to benefiting from his insights and experience,” said Adam Metz, chief executive officer of General Growth Properties.

So, why is this interesting?

Here is Mr. Ruffano’s most recent work:
Centro Completes Debt Stabilisation Agreement

Notice one constant theme? Maturity extension…..the very same thing GGP is looking to do.

It is important to note here that Centro’s action were done outside of the bankruptcy court and, being and Australian company, bankruptcy law there is different than here. The central point remains though that Ruffino does have successful real world experience in the current market environment. That is good as this progresses..

On another note, Robert Jaffe’s (formerly of SAC capital) Force Capital picked up 1.1 million General Growh shares in the most recent quarter according to this SEC filing

Disclosure (“none” means no position):Long GGWPQ