There are quite a few instances of company acquisition that have been reported in the recent past. And this has happened in the case of companies that have gone in for bankruptcy filing. Take for instance, Simon Property Group Inc. which has made a bid for company acquisition of General Growth Proper. The Simon Property has said that it can pay as much as $10 billion for General Growth, of which $9 billion would be paid in cash. General Growth had gone in for a Chapter 11 bankruptcy filing back in 2009 in the month of April. Part of the debilitating debt was when General Growth had gone in for the acquisition of Rouse Co. in 2004 for around $7.2 billion.
Simon happens to be one of the biggest commercial property and mall owners in the country. But it does not have any property in the Birmingham area, which is why it has an interest in General Growth, which owns the Century Plaza in Birmingham which is now empty. The reason for why the Century Plaza is empty is that it is still under debt. Incidentally, General Growth has gone in for a large restructuring of its huge debt, but it has not covered the Century Plaza which is now all empty and forlorn