National mall operator emerges from bankruptcy

General Growth Properties Inc., the nationwide mall operator, filed a motion to emerge from Chapter 11 bankruptcy last week with a federal bankruptcy court in New York.

The Chicago-based mall operator has received a $6.55 billion investment from Fairholme Capital Management, Pershing Square Capital Management, and Brookfield Asset Management. This investment, along with a $1.5 billion debt issuance, will allow the company to recover financially.

A spokesman for the group said that GGP intends to form a new company with these funds, called General Growth Opportunities. They will focus on overseeing a portfolio of real estate assts.

If you are facing financial difficulties, get on the right track to recovery by calling Birmingham bankruptcy lawyer Paula Greenway at (205) 324-4000.

Paula GreenwayPaula Greenway

Paula Greenway is a native of Birmingham and has focused her practice on consumer bankruptcy since 1996. She is licensed to practice law in all jurisdictions throughout the State of Alabama. Paula has handled over 5,000 bankruptcy cases ranging in complexity throughout her career and prides herself on being able to come up with creative solutions to her clients’ financial issues.