Tags: US | General | Growth | IPO

General Growth Properties to Relist Shares on NYSE

Tuesday, 02 Mar 2010 09:57 AM

 

General Growth Properties Inc., which last year filed the largest U.S. real estate bankruptcy case in history, said Tuesday that it applied to relist its shares on the New York Stock Exchange.

General Growth said its shares will start trading on the NYSE on Friday under the ticker symbol "GGP." General Growth shares currently trade over the counter.

Last month General Growth received a $10 billion takeover bid from rival Simon Property Group Inc., which controls some 382 properties worldwide.

General Growth rebuffed the unsolicited offer from Simon as being too low. The company then turned to Canada's Brookfield Asset Management Inc. and reached a deal that will speed its exit from bankruptcy protection. Speculation had swirled for weeks that General Growth might turn to Brookfield, which has been looking to expand its slate of U.S. retail properties and last year acquired an undisclosed stake in the company.

General Growth, the second-largest shopping mall operator in the U.S., filed for bankruptcy last April after it expanded aggressively during the real estate boom. The company amassed $27 billion in debt, but was left unable to refinance its short-term loans after financing dried up.

General Growth owns or runs more than 200 shopping malls in 43 states. It also has ownership in planned community developments and commercial office buildings.

© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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