Mall Owner General Growth Exits Bankruptcy

Mall owner General Growth Properties emerged Tuesday from Chapter 11 bankruptcy, ending the largest real estate bankruptcy case in U.S. history.

The restructuring included splitting General Growth in half, creating General Growth Properties, which continues to own and operate malls, and The Howard Hughes Corp., which took over the company's planned communities and other non-mall opportunities.

On Wednesday, the company will launch a public offering of 135 million shares worth about $2.35 billion based on the company's closing price on Tuesday of $17.39.

"Today marks the successful end of one chapter in (General Growth's) history and the beginning of another," CEO Adam Metz said in a statement.

Source: National Association of Realtors®
  • November 12 2010 - Haverhill
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