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Tags: US | General | Growth | Bankruptcy

General Growth: Blackstone to Invest $500 Million

Wednesday, 18 August 2010 03:06 PM

General Growth Properties Inc. says asset manager Blackstone Group has agreed to invest about $500 million for shares in the shopping mall operator once it emerges from Chapter 11 bankruptcy protection.

General Growth disclosed the agreement in a regulatory filing on Wednesday detailing the company's latest plan to exit bankruptcy.

An investor group led by Canadian property manager Brookfield Asset Management Inc. has agreed to provide up to $8.5 billion in capital to finance the proposed restructuring plan.

It calls for the Chicago-based company to emerge from bankruptcy protection this fall as two separate companies.

The Blackstone Group would receive shares in both companies and an allocation of stock warrants.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


FinanceNews
General Growth Properties Inc. says asset manager Blackstone Group has agreed to invest about $500 million for shares in the shopping mall operator once it emerges from Chapter 11 bankruptcy protection.General Growth disclosed the agreement in a regulatory filing on...
US,General,Growth,Bankruptcy
110
2010-06-18
Wednesday, 18 August 2010 03:06 PM
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