General Growth Properties Inc. announced Wednesday that it has reached a deal with Canadian property manager Brookfield Asset Management Inc. (NYSE: BAM), according to Associated Press.
The deal will allow General Growth to exit Chapter 11 bankruptcy protection.
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General Growth said Brookfield will invest $2.5 billion in cash in exchange for General Growth shares, giving Brookfield a 30 percent stake in the company. General Growth says shareholders would receive a total of $15 a share as part of the plan.
General Growth plans to emerge from bankruptcy and raising up to $5.8 billion in cash to pay off creditors.
The deal also calls for the General Growth to spin off some assets as a new company. The deal requires approval by the bankruptcy court.
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