There has been a lot of speculation about General Growth Properties and when this company will be able to emerge out of bankruptcy. The company had filed chapter 11 bankruptcy and has now filed with a court in NYC to get permission so that it may be able to emerge out of the chapter 11. This company owns well known malls like the Streets at Southpoint in Durham, among many others. General Growth Properties has already got around $6.5 billion in funding from Brookfield Asset Management, Fairholme Capital Mgt and Pershing Square Capital Mgt. The funds from these companies have helped General Growth Properties to muster the courage to try and get out of Chapter 11 bankruptcy.
Once General Growth Properties gets out of bankruptcy, the plan is to ensure that the company forms a new company called General Growth Opportunities that will oversee a portfolio of real estate assets. This is how the company plans to out the past behind it and emerge from the shadows of bankruptcy filing much stronger. There have been a lot of other companies that have wanted to take it over and also at a good price. But General Growth Properties has stuck its neck out and wants to hold its own against all odds.