General Growth Partners, Inc. (NYSE:GGP) will be seeking approval from the Bankruptcy Court for bidding procedures and compensation for financial commitments provided due to a revised $6.55 billion equity investment and a $2 billion capital backstop offer from Brookfield Asset Management, Pershing Square Capital Management and Fairholme Funds. GGP has also announced that it will consider competitive proposals. The company is expected to emerge from bankruptcy sometime during early July of 2010. For more information, visit www.ggp.com.
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General Growth Properties, Inc. (GGP) is a self-managed real estate investment trust (REIT). The Company has ownership interest in, or management responsibility for, over 200 regional shopping malls in 43 states, as well as ownership in master planned communities and commercial office buildings. GGP’s business is focused in two main areas: Retail and Other, which includes the operation, development and management of retail and other rental property, primarily shopping centers and Master Planned Communities, which includes the development and sale of land, primarily in large-scale, long-term community development projects in and around Columbia, Maryland; Summerlin, Nevada, and Houston, Texas and its one residential condominium project located in Natick (Boston), Massachusetts. All of its business is conducted through GGP Limited Partnership (the Operating Partnership or GGPLP).
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