GGP Plan Seeks To Split Mall Owner Into 2 Firms

Law360, New York (July 13, 2010, 4:27 PM EDT) -- General Growth Properties Inc. has submitted a proposed reorganization plan that would allow the mall owner to exit Chapter 11 bankruptcy protection in October as two separate firms.

The plan, filed Tuesday in the U.S. Bankruptcy Court for the Southern District of New York, is based on agreements with Brookfield Asset Management Inc., Fairholme Funds Inc. and Pershing Square Capital Management LP, which plan to offer $8.55 billion in capital, including $6.3 billion of new equity and $250 million to finance a spinoff of certain properties...
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