Brookfield Deal Wins Nod In General Growth Ch. 11

Law360, New York (May 7, 2010, 11:19 AM EDT) -- A judge overseeing the bankruptcy of mall owner General Growth Properties Inc. has approved a preliminary arrangement paving the way for a reorganization deal with a team led by Brookfield Asset Management Inc., prompting rival Simon Property Group Inc. to drop out of the bidding.

Judge Allan Gropper approved the proposal Friday in the U.S. Bankruptcy Court for the Southern District of New York following a hearing over the arrangement, under which the Brookfield team would get equity warrants worth hundreds of millions of dollars in...
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