General Growth Properties Inc. announced Tuesday that it has applied to relist its shares on the New York Stock Exchange, according to Associated Press.
Last year, General Growth filed the largest U.S. real estate bankruptcy case in history, but reached a deal with Canada's Brookfield Asset Management Inc. (NYSE: BAM) to help the company exit from bankruptcy protection.
General Growth said its shares will begin trading on the NYSE on Friday under the ticker symbol "GGP." General Growth shares currently trade over the counter.
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Last month General Growth received a $10 billion takeover bid from rival Simon Property Group Inc. (NYSE: SPG), which controls some 382 properties worldwide.
However, General Growth considered Simon’s unsolicited offer is too low. Brookfield then made an offer, which General Growth accepted.
General Growth, the second-largest shopping mall operator in the U.S., filed for bankruptcy last April after it expanded aggressively during the real estate boom. The company amassed $27 billion in debt, but was left unable to refinance its short-term loans after financing dried up.
General Growth owns or runs more than 200 shopping malls in 43 states. It also has ownership in planned community developments and commercial office buildings.
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