Creditors Pledge $4B To Help GGP Exit Ch. 11

Law360, New York (March 9, 2010, 1:24 PM EST) -- Bankrupt mall owner General Growth Properties Inc. said two of its largest creditors have offered to provide nearly $4 billion in new equity capital to facilitate the company's emergence from bankruptcy and allow it to pay off its unsecured creditors in full.

Chicago-based GGP said Monday that Fairholme Capital Management LLC, one of its largest unsecured creditors, and Pershing Square Capital Management, one of GGP’s largest equity holders and a significant unsecured creditor, have offered to commit $3.925 billion in new equity capital at a value...
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