General Growth Properties Inc., the nationwide mall operator, filed a motion to emerge from Chapter 11 bankruptcy last week with a federal bankruptcy court in New York.
The Chicago-based mall operator has received a $6.55 billion investment from Fairholme Capital Management, Pershing Square Capital Management, and Brookfield Asset Management. This investment, along with a $1.5 billion debt issuance, will allow the company to recover financially.
A spokesman for the group said that GGP intends to form a new company with these funds, called General Growth Opportunities. They will focus on overseeing a portfolio of real estate assts.
If you are facing financial difficulties, get on the right track to recovery by calling Birmingham bankruptcy lawyer Paula Greenway at (205) 324-4000.