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.

Increase your money and finance knowledge from home

What is Short Selling?

Make a profit when stocks prices fall.

View Course »

What Is Your Risk Tolerance?

Answer the question "What type of investor am I?".

View Course »

Add a Comment

*0 / 3000 Character Maximum