Tags: US | General | Growth | Simon | Property

Simon Says It Improved Offer for General Growth

Thursday, 22 Apr 2010 10:17 AM

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.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
FinanceNews
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...
US,General,Growth,Simon,Property
114
2010-17-22
Thursday, 22 Apr 2010 10:17 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved