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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. Get the full story »
General Growth Properties Inc. is expected next week to name the members of the board who will take command when the No. 2 U.S. mall owner emerges from bankruptcy protection, and its chairman John Bucksbaum, son of one of the co-founders, will not be on it, a source close to the company said on Thursday. Get the full story »
General Growth Properties Inc. says it will pay $230 million to some of the heirs of moviemaker and aviation mogul Howard Hughes to settle a dispute over a Las Vegas development. Get the full story »
The leaders of General Growth Properties Inc. will stay on for up to one year following completion of the company’s restructuring, which is expected in October, the company said Tuesday.
Chief Executive Officer Adam Metz and President and Chief Operating Officer Thomas Nolan have agreed to remain in their roles to oversee General Growth’s emergence from the largest real estate bankruptcy in U.S. history. Get the full story »
General Growth Properties Inc. has struck a deal for Brookfield Advisors LP to manage the new real-estate company it plans to spin off when it exits Chapter 11 protection.
The mall owner is tapping Brookfield Advisors to prepare the company to separate from the nation’s second-largest mall owner and become publicly traded, according to papers filed Monday with the U.S. Bankruptcy Court in Manhattan. Get the full story »
A hearing on a plan that will enable General Growth Properties Inc. to emerge from the largest real estate bankruptcy in U.S. history has been scheduled for October 21, after a judge approved the proposal that will be sent out to shareholders.
U.S. Bankruptcy Court Judge Allan Gropper approved on Thursday the statement outlining the plan and set October 7 as the voting date for shareholders and others who will not get all their investment back.
The case is unique in bankruptcy proceedings because shareholders will receive money, and because bondholders and other creditors will be repaid in full and therefore cannot vote on the restructuring plan. Get the full story »
General Growth Properties Inc. says asset manager Blackstone Group has agreed to invest about $500 million for shares in the shopping mall operator once it emerges from Chapter 11 bankruptcy protection.
General Growth disclosed the agreement in a regulatory filing on Wednesday detailing the company’s latest plan to exit bankruptcy. Get the full story »
The Securities and Exchange Commission has started a formal probe of possible insider trading by current and former officers and directors of mall owner General Growth Properties Inc.
General Growth, which has operated under bankruptcy protection since April 2009 and plans to exit later this year, disclosed the probe in its bankruptcy case Tuesday and in its quarterly report filed with the SEC last week. Get the full story »
Water Tower Place in Chicago, one of General Growth's malls. General Growth filed for Chapter 11 protection from creditors in April 2009. (Alex Garcia/Chicago Tribune)
The former shareholders of Hughes Corp. Wednesday filed an objection to General Growth Properties Inc’s plan to emerge from bankruptcy, saying it does not explain how they would be paid.
The Official Committee of Unsecured Creditors also filed an objection to the proposed disclosure statement, which details the plan.
Under the plan, the group known as the Hughes heirs can be repaid in stock of reorganized mall owner General Growth, or in cash, the Hughes heirs said in court documents filed in U.S Bankruptcy Court in Manhattan. Get the full story »
General Growth Properties Inc., the No. 2 U.S. mall owner, said Monday that second-quarter funds from operations rose, citing greater leasing activity and higher sales at its malls. Get the full story »
General Growth Properties Inc. said it amended its reorganization plan to increase its capital structure flexibility and improve investment terms, and remains on track to emerge from bankruptcy in October. Get the full story »
Brookfield Properties Corp. President Steven Douglas has resigned to take the role as chief financial officer of bankrupt shopping mall operator General Growth Properties, effective immediately, the companies said Monday. Get the full story »
General Growth Properties Inc. was told to use a three-appraiser process to value a large community in Nevada, but a judge added he would not let it delay the No. 2 U.S. mall owner’s exit from bankruptcy. Get the full story »
General Growth's Water Tower Place mall in Chicago. (Nancy Stone/Chicago Tribune)
The second largest U.S. mall owner said it has successfully restructured about $15 billion in project-level debt which will allow it to satisfy its debt and other claims in full and implement a recapitalization with $7 billion to $8 billion of new capital.
After emerging out of Chapter 11 protection, General Growth will split itself into two separate publicly traded companies and current shareholders will receive common stock in both companies. Get the full story »
General Growth Properties Inc., the second-largest U.S. mall owner, said it has won a $500 million equity investment from a large Texas pension fund and still expects to emerge from bankruptcy by October.
The Teacher Retirement System of Texas, which oversees $96.7 billion of assets, will pay $10.25 each for shares of a reorganized General Growth, according to a joint statement issued Monday. Get the full story »
