General Growth Leaves Bankruptcy, Splits in Two

Before you go, we thought you'd like these...
Before you go close icon
General Growth Properties (GGP), the country's second-largest mall owner, emerged from bankruptcy and split itself into two companies.

The company spun off Howard Hughes Corp, an owner of properties including master-planned communities, Bloomberg News said.

Shares in Howard Hughes will begin trading tomorrow on the New York Stock Exchange, as will shares in the new General Growth.

Sponsored Links
General Growth filed for bankruptcy protection in April 2009 after it was unable to refinance $27 billion of debt. It was the biggest real estate bankruptcy in U.S. history.

Last month, General Growth hired Sandeep Mathrani as its new CEO, effective the beginning of 2011. Mathrani was previously vice president of retail real estate at Vornado Realty Trust.
Read Full Story

Markets

S&P 500 2,204.71 12.76 0.58%
DJIA 19,216.24 45.82 0.24%
NASDAQ 5,308.89 53.24 1.01%
DAX 10,706.65 21.82 0.20%
HANG SENG 22,675.15 169.60 0.75%
NIKKEI 225 18,360.54 85.55 0.47%
USD (per EUR) 1.07 0.00 -0.16%
USD (per CHF) 1.01 0.00 0.19%
JPY (per USD) 113.90 0.04 0.03%
GBP (per USD) 1.27 0.00 0.17%

From Our Partners