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Corrected: Mall Operator General Growth Exits Bankruptcy
November 10, 2010 by Bankruptcy Search
Filed under Bankruptcy Help
The Chicago-based operator of 183 shopping malls in 43 U.S. states said on Tuesday it emerged after obtaining $6.8 billion of equity capital and restructuring $15 billion of debt.
General Growth operates properties including Faneuil Hall Marketplace in Boston, Harborplace in Baltimore and Water Tower Place in Chicago.
It filed for bankruptcy protection in April 2009 after tight credit conditions left the company unable to refinance billions of dollars of maturing debt. General Growth had $29.56 billion of assets, according to BankruptcyData.com.
Canada’s Brookfield Asset Management Inc (BAMa.TO), Fairholme Funds Inc, Pershing Square Capital Management LP and the Teacher Retirement System of Texas provided equity capital to bolster General Growth’s balance sheet.
Creditors were paid in full and equity investors, who often get wiped out in bankruptcy, obtained a “substantial” recovery on their claims, General Growth said. Both are unusual.
On Tuesday, General Growth said it began an offering of 135 million common shares, with proceeds to go mainly to repurchase stock sold in connection with the equity financings.
Sandeep Mathrani, former president of Vornado Realty Trust’s (VNO.N) retail business, will become General Growth’s chief executive at the start of 2011.
As part of its restructuring, General Growth spun off Howard Hughes Corp, which operates planned residential communities and properties including the South Street Seaport in downtown Manhattan.
General Growth said shareholders of record as of November 1 received 0.098344 of a Howard Hughes share for each General Growth share they owned.
Howard Hughes, named for the late billionaire eccentric, is expected to trade beginning on November 10 on the New York Stock Exchange under the “HHC” ticker. The company
