General Growth $6.6B Financing Pact Draws Fire

Law360, New York (April 23, 2010, 12:59 PM ET) -- General Growth Properties Inc.’s proposed $6.6 billion recapitalization with Brookfield Asset Management Inc. is under fire from creditors and Simon Property Group Inc., whose allegedly superior bid does not include controversial warrants granting the Brookfield investors as much as $900 million in additional equity.

On Thursday, the naysayers urged Judge Allan L. Gropper of the U.S. Bankruptcy Court for the Southern District of New York to reject the troubled mall owner's proposed financing agreement, contending that the stalking horse bidder is getting excessive protections in the...
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