It looks like the almost one-year long General Growth Properties bankruptcy case might be ending. Today the company announced it has reached an agreement with Canada’s Brookfield Asset Management (BAM)
According to General Growth Properties website:
Breaking News from CNBC:
According to General Growth Properties website:
CHICAGO, IL (February 24, 2010) — General Growth Properties, Inc. (“GGP”) today announced that it has reached an agreement in principle with Brookfield Asset Management Inc., one of the world’s largest real estate investors and asset managers, to invest in a proposed recapitalization of GGP at a plan value of $15.00 per share and provide par plus accrued interest to unsecured creditors. The $2.625 billion proposed equity commitment from Brookfield is not subject to due diligence or any financing condition and is expected to create a floor value for the purpose of raising additional equity for the company. The plan is subject to definitive documentation, approval of the Bankruptcy Court and higher and better offers pursuant to a bidding process to be approved by the Bankruptcy Court.
The complete term sheet for the proposed plan with Brookfield is available here.
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