General Growth's Chapter 11 Filing
A San Jose Bankruptcy Attorney takes note of another Chapter 11 bankruptcy filing...
General Growth, the nation’s second largest shopping mall operator, owns or manages 200 properties in 44 states. Despite these numbers, however, General Growth filed for Chapter 11 Bankruptcy after incurring $27 billion in debt.
Recently, Judge Allen Gropper extended General Growth’s time to file a reorganization plan. In the interim General Growth has received an offer to purchase the company from rival Simon Property Group Inc. General Growth rejected the offer, however, as it only valued the company at $9 a share. In the meantime, General Growth has proposed a plan to exit bankruptcy with an investment from Canadian Based property manager Brookfield Asset Management Inc. Brookfield, therefore appears to be acting as a "stalking horse" for Simon.
It comes as no surprise then that Simon has begun their due diligence and has signed a non-disclosure agreement in order to gain access to General Growth’s books. General Growth remains hopeful that Simon will make another offer. Time will tell.
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