Monday, January 5, 2009

GGP changing BK counsel -- is there a reason?

General Growth Properties has switched its bankruptcy counsel, dropping Sidley Austin in favor of Weil Gotshal. Weil has worked on some major BKs, including Lehman (and don't forget its advisory role to GM), and one might think the preeminent Harvey Miller might be coming into play. GGP is also bringing in Kirkland's Jamie Sprayregen (the brilliance of whom I have extolled here previously).

Of course, no one is commenting, but it seems to this complete outsider that GGP wants heavy hitters with so much debt coming due, and those are two of the best in the business.