Tags: US | General | Growth | Brookfield

Brookfield to Help General Growth Exit Bankruptcy

Wednesday, 24 Feb 2010 01:53 PM

Shopping mall operator General Growth Properties Inc. says it has reached a deal with Canadian property manager Brookfield Asset Management Inc. that will enable General Growth to exit Chapter 11 bankruptcy protection.

General Growth said Wednesday that Brookfield will invest $2.5 billion in cash in exchange for General Growth shares, giving Brookfield a 30 percent stake in the Chicago-based company. General Growth says shareholders would receive a total of $15 a share as part of the plan.

General Growth envisions emerging from bankruptcy and raising up to $5.8 billion in cash to pay off creditors.

The plan also calls for the General Growth to spin off some assets as a new company. The deal requires approval by the bankruptcy court.

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