Click Here

REALTORŪ Magazine Online: The real estate professional's business support tool.

OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  November 10, 2010  |   General Growth Exits Bankruptcy
Mall owner General Growth Properties emerged Tuesday from Chapter 11 bankruptcy, ending the largest real estate bankruptcy case in U.S. history.

The restructuring included splitting General Growth in half, creating General Growth Properties, which continues to own and operate malls, and The Howard Hughes Corp., which took over the company’s planned communities and other non-mall opportunities.

On Wednesday, the company will launch a public offering of 135 million shares worth about $2.35 billion based on the company’s closing price on Tuesday of $17.39.

"Today marks the successful end of one chapter in (General Growth's) history and the beginning of another," CEO Adam Metz said in a statement.

Source: Associated Press (11/09/2010)

Browse all of today's news
E-mail this page to a friend
Give us feedback

Search news
Launch my search
 
Subscribe to news
Subscribe to News
Daily and weekly real estate news, trends, NAR press releases, convention coverage, plus exclusive features and columns.

RSS Feed
Get the Daily Real Estate News delivered straight to your desktop or news aggregator. (New to RSS? Learn the basics here.)
 
 
SHARE YOUR INSIGHTS
How did you sell it?
Tell us how you overcame hurdles to sell a challenging or very unique listing!