Mall owner Simon Property Group says it has improved its offer to help finance the bankruptcy exit of its biggest rival, General Growth Properties.

The Indianapolis company will backstop a $1.5 billion credit facility General Growth needs to emerge from bankruptcy, waive a $12.5 million fee and limit its governance rights.

Earlier this month, Simon said it would invest $2.5 billion and Paulson & Co. would put in another $1 billion, which would give it a 10 percent stake in General Growth.

General Growth has proposed a plan calling for Brookfield Asset Management, Fairholme Capital Management and Pershing Square Capital Management to put up more than $6.5 billion combined to finance its bankruptcy exit.