GGP Seals $500M Equity Deal With Texas Teachers

Law360, New York (August 4, 2010, 5:23 PM EDT) -- A Texas teachers pension fund has won approval to buy $500 million in stock of soon-to-be-reorganized shopping mall owner General Growth Properties Inc., supplying part of a financing backstop needed to help pave the way for the company’s exit from Chapter 11.

Judge Allan L. Gropper issued an order Wednesday in the U.S. Bankruptcy Court for the Southern District of New York allowed General Growth to enter into the agreement, which replaces part of a $2 billion backstop offered by reorganization plan sponsors Brookfield Asset Management...
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