General Growth Ch. 11 Plan Confirmed

Law360, New York (October 21, 2010, 5:46 PM EDT) -- Bankrupt mall owner General Growth Properties Inc. has won court approval of its reorganization plan, which won near-universal acceptance among stakeholders, pays all creditors in full and calls for the company to be split in two after the plan goes into effect next month.

Judge Allan L. Gropper signed off on General Growth's third joint amended plan of reorganization in the U.S. Bankruptcy Court for the Southern District of New York on Thursday amid a smattering of applause in his packed downtown Manhattan courtroom.

The plan...
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