General Growth Properties Inc. on Tuesday named the nine members of the board of the company that will emerge from bankruptcy protection and take the No. 2 U.S. mall owner forward.
General Growth said Bruce Flatt, chief executive of Brookfield Asset Management, will be the chairman upon emergence from bankruptcy in early November.
As expected, Chairman John Bucksman, the former CEO who headed the company as it collapsed under the weight of debt last year, will not be on the board.
General Growth, the bankrupt mall owner and property developer, also said Ric Clark, chief executive of Brookfield Properties, and Cyrus Madon, senior managing partner at Brookfield Asset Management, will join its board.
General Growth’s CEO Adam Metz and current lead director Sheli Rosenberg will be on the board, which will also include John Schreiber, president of Centaur Capital Partners and partner at Blackstone Real Estate Advisors.
Other members who will join the board of new GGP include Mary Lou Fiala of the International Council of Shopping Centers, David Neithercut, CEO of Equity Residential, and General Growth current director John Haley.
General Growth filed for protection from its creditors in April 2009 to become the biggest U.S. real-estate bankruptcy. It plans to emerge from bankruptcy protection in November in the form of two companies.
The exit plan is being bankrolled by $8.5 billion of commitments from investors led by Brookfield Asset Management and including Pershing Square Capital Management L.P. and fund manager Fairholme Funds Inc.
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