Horizon Group Properties Completes Deed-In-Lieu of Foreclosure Transaction

ROSEMONT, Ill.--(BUSINESS WIRE)--Horizon Group Properties, Inc. (OTC: HGPI.PK) today announced that it had completed a deed-in-lieu of foreclosure transaction involving The Outlet Shoppes at Burlington (Washington), The Outlet Shoppes at Fremont (Indiana) and The Outlet Shoppes at Oshkosh (Wisconsin). The three properties were collateral for a single non-recourse loan. The Company received a covenant not to sue from the lender as part of the transaction. The Company will report a gain of approx