Shopping mall operator General Growth Properties, which owns the Mall of Louisiana, says it has reached a deal with Canadian property manager Brookfield Asset Management Inc. that will enable General Growth to exit Chapter 11 bankruptcy protection. General Growth says Brookfield will invest $2.5 billion in cash in exchange for General Growth shares, giving Brookfield a 30% stake in the Chicago-based company. General Growth says shareholders would receive a total of $15 a share as part of the plan. General Growth envisions emerging from bankruptcy and raising up to $5.8 billion in cash to pay off creditors. The plan also calls for General Growth to spin off some assets as a new company. The deal requires approval by the bankruptcy court. None of General Growth’s Louisiana properties, which include the Mall of Louisiana, the Riverwalk Marketplace in New Orleans and Pierre Bossier Mall in Bossier City, will be a part of the new company.
General Growth reaches deal to get out of bankruptcy
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