Maine Mall owner plans restructuring
In the wake of a takeover bid, the owner of the Maine Mall has proposed a bankruptcy reorganization plan that includes splitting itself into two companies.
Chicago-based General Growth Properties Inc. would use $2.625 billion in funding from Brookfield Asset Management Inc. to split into two companies -- one that would hold its 200 shopping centers and the other that would hold its riskier investments, according to the Chicago Tribune. Equity holders would get $15 a share in the shopping center company, and unsecured creditors would be paid in full with interest. General Growth officials said the recapitalization from Toronto-based Brookfield Asset Management would allow the company to raise another $5.8 billion to exit Chapter 11 bankruptcy. Brookfield would own about 30% of General Growth Properties in the proposal, which still must receive approval from the bankruptcy judge.
Earlier this month, Indianapolis-based Simon Property Group Inc., the country's largest shopping mall owner, announced a hostile $10 billion bid to buy General Growth Properties. General Growth filed for bankruptcy last April.
Most Recent
Most Recent
Comments