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.

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.

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