General Growth Properties Files Reorganization Plan

Before you go, we thought you'd like these...
Before you go close icon
General Growth Properties MallGeneral Growth Properties (GGP) filed a reorganization plan, seeking to emerge from bankruptcy in October with $7 billion to $8.5 billion in new capital, the company announced Tuesday. The nation's second-largest shopping-mall operator, which filed for Chapter 11 bankruptcy in April last year, plans to split off a portion of its business to create a second publicly traded company, Spinco. The arrangement is part of a restructuring that's intended to satisfy GCP's debt and other claims in full.

Under the restructuring, Brookfield Asset Management, Fairholme Capital Management and Pershing Square Capital Management will provide the $8.55 billion in new capital that will largely come in the form of $10 per share for the new GGP. The Teacher Retirement System of Texas will provide an additional $500 million investment into the new GGP at $10.25 a share.
Read Full Story

Markets

S&P 500 2,267.22 -0.67 -0.03%
DJIA 19,777.08 -49.69 -0.25%
NASDAQ 5,545.33 6.60 0.12%
DAX 11,572.34 32.34 0.28%
HANG SENG 23,098.26 257.29 1.13%
NIKKEI 225 18,894.37 80.84 0.43%
USD (per EUR) 1.07 0.00 -0.07%
USD (per CHF) 1.00 0.00 -0.07%
JPY (per USD) 113.39 0.52 0.46%
GBP (per USD) 1.23 -0.01 -0.61%

From Our Partners