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BUSINESS
February 24, 2010 | Bloomberg News
Brookfield Asset Management Inc. is in talks with General Growth Properties Inc. to take a 30% stake in the shopping mall owner as it comes out of bankruptcy, said a person familiar with the negotiations. The plan by Toronto-based Brookfield would give General Growth a higher valuation than a $10-billion takeover bid by Simon Property Group Inc., said the person, who declined to be identified because the talks aren't public. Simon, the largest U.S. shopping mall owner, has offered to buy General Growth in a deal that would give equity investors about $9 a share and repay unsecured creditors in full.
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BUSINESS
October 21, 2010 | Reuters
General Growth Properties Inc.'s reorganization plan was approved Thursday, paving the way for the operator of the Glendale Galleria and other malls to exit bankruptcy a year and a half after it was brought to its knees by billions in debt it could not refinance. General Growth said it expected to emerge from bankruptcy around Nov. 8. It then would turn its attention to a $2.25 billion stock sale to raise capital. Shareholders often lose everything in a bankruptcy. Under the plan confirmed by U.S. Bankruptcy Judge Allan Gropper in New York, all bondholders will be repaid and the 3,000 shareholders will get more than $5.2 billion of equity.
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BUSINESS
October 21, 2010 | Reuters
General Growth Properties Inc.'s reorganization plan was approved Thursday, paving the way for the operator of the Glendale Galleria and other malls to exit bankruptcy a year and a half after it was brought to its knees by billions in debt it could not refinance. General Growth said it expected to emerge from bankruptcy around Nov. 8. It then would turn its attention to a $2.25 billion stock sale to raise capital. Shareholders often lose everything in a bankruptcy. Under the plan confirmed by U.S. Bankruptcy Judge Allan Gropper in New York, all bondholders will be repaid and the 3,000 shareholders will get more than $5.2 billion of equity.
BUSINESS
August 17, 2010 | Bloomberg News
Buyout firm Blackstone Group agreed Tuesday to invest $500 million in General Growth Properties Inc. as part of its bankruptcy plan, as the Securities and Exchange Commission opened a formal insider-trading investigation of some of the mall owner's officials. Blackstone reached the deal with the investor group financing the plan, General Growth said in a revised reorganization proposal in U.S. Bankruptcy Court in New York. General Growth also said it received notice in July that the SEC was investigating possible insider-trading violations by current and former officers and directors.
BUSINESS
May 8, 2010 | By Roger Vincent, Los Angeles Times
General Growth Properties Inc., the struggling owner of the Glendale Galleria and other large Southland shopping centers, won court approval Friday for a plan to sell the company that puts a group led by Canadian real estate investor Brookfield Asset Management Inc. at the front of the line. The decision by a federal Bankruptcy Court judge in New York ended a hard-fought campaign by rival mall operator Simon Group Inc. to take over General Growth. Simon is the largest mall operator in the U.S., and a merger with General Growth would have created a juggernaut so powerful it would have been able to set mall rents in much of the country, industry observers said.
BUSINESS
February 17, 2010 | By Sandra M. Jones
Simon Property Group Inc., the nation's largest mall operator, offered to buy General Growth Properties Inc. out of Chapter 11 bankruptcy protection for more than $10 billion in a deal that would give shareholders -- typically left empty-handed in bankruptcy reorganization -- $9 a share. The Indianapolis company said it sent an offer letter to acquire Chicago's General Growth on Monday but hadn't received a response. General Growth is the No. 2 U.S. mall operator and counts among its Southern California properties the Glendale Galleria, Northridge Fashion Center and Burbank Town Center.
BUSINESS
July 13, 2010 | By Roger Vincent, Los Angeles Times
General Growth Properties Inc., owner of the Glendale Galleria and other large Southland shopping centers, said Monday that it agreed to immediately hand over its third-party management business to real estate services giant Jones Lang LaSalle Inc. The portfolio of 18 malls from New York to California formerly managed by General Growth includes the Burbank Town Center. About 200 employees who manage the centers and 30 corporate employees now work for Jones Lang LaSalle. Both companies are based in Chicago.
CALIFORNIA | LOCAL
January 21, 2005 | Eric Malnic, Times Staff Writer
A Superior Court judge has upheld Glendale's approval of a 15 1/2 -acre town center commercial development, ruling that the environmental impact report supporting the project meets the requirements of the California Environmental Quality Act. The ruling by Judge Robert H.
BUSINESS
March 21, 2009 | TIMES WIRE REPORTS
General Growth Properties Inc. lost a Louisiana shopping mall to foreclosure by Citigroup Inc., a sign lenders are less willing to give the real estate investment trust more time to pay its debts. Chicago-based General Growth missed a March 16 deadline to repay a $95-million Citicorp loan, Citigroup said. General Growth, which has stakes in or manages more than 200 malls in 44 states, has been negotiating with lenders to avoid a bankruptcy filing.
BUSINESS
April 14, 2010 | Bloomberg News
Simon Property Group Inc. revised its offer for rival General Growth Properties Inc., pledging to invest $2.5 billion in a reorganization and match the terms of a bankruptcy exit plan led by Brookfield Asset Management Inc. The proposal includes a $1 billion co-investment commitment by Paulson & Co., Indianapolis-based Simon said Wednesday. Simon said the plan is more favorable to General Growth shareholders than Brookfield's offer because it doesn't include the issuance of warrants.
BUSINESS
July 13, 2010 | By Roger Vincent, Los Angeles Times
General Growth Properties Inc., owner of the Glendale Galleria and other large Southland shopping centers, said Monday that it agreed to immediately hand over its third-party management business to real estate services giant Jones Lang LaSalle Inc. The portfolio of 18 malls from New York to California formerly managed by General Growth includes the Burbank Town Center. About 200 employees who manage the centers and 30 corporate employees now work for Jones Lang LaSalle. Both companies are based in Chicago.
BUSINESS
May 8, 2010 | By Roger Vincent, Los Angeles Times
General Growth Properties Inc., the struggling owner of the Glendale Galleria and other large Southland shopping centers, won court approval Friday for a plan to sell the company that puts a group led by Canadian real estate investor Brookfield Asset Management Inc. at the front of the line. The decision by a federal Bankruptcy Court judge in New York ended a hard-fought campaign by rival mall operator Simon Group Inc. to take over General Growth. Simon is the largest mall operator in the U.S., and a merger with General Growth would have created a juggernaut so powerful it would have been able to set mall rents in much of the country, industry observers said.
BUSINESS
April 14, 2010 | Bloomberg News
Simon Property Group Inc. revised its offer for rival General Growth Properties Inc., pledging to invest $2.5 billion in a reorganization and match the terms of a bankruptcy exit plan led by Brookfield Asset Management Inc. The proposal includes a $1 billion co-investment commitment by Paulson & Co., Indianapolis-based Simon said Wednesday. Simon said the plan is more favorable to General Growth shareholders than Brookfield's offer because it doesn't include the issuance of warrants.
BUSINESS
February 25, 2010 | By Roger Vincent
General Growth Properties, owner of the Glendale Galleria and other large Southland shopping centers, said Wednesday that it had reached an agreement with a Canadian investor that would enable the mall owner to leave Chapter 11 bankruptcy protection. Brookfield Asset Management Inc., which is part of a company that owns a handful of premier office buildings in Los Angeles County, would invest $2.5 billion in cash in General Growth stock in return for 30% ownership. The deal must be approved by a Bankruptcy Court judge, but if the agreement stands it could rescue Chicago-based General Growth from a hostile takeover attempt by archrival Simon Property Group, the country's largest mall operator.
BUSINESS
February 24, 2010 | Bloomberg News
Brookfield Asset Management Inc. is in talks with General Growth Properties Inc. to take a 30% stake in the shopping mall owner as it comes out of bankruptcy, said a person familiar with the negotiations. The plan by Toronto-based Brookfield would give General Growth a higher valuation than a $10-billion takeover bid by Simon Property Group Inc., said the person, who declined to be identified because the talks aren't public. Simon, the largest U.S. shopping mall owner, has offered to buy General Growth in a deal that would give equity investors about $9 a share and repay unsecured creditors in full.
BUSINESS
February 17, 2010 | By Sandra M. Jones
Simon Property Group Inc., the nation's largest mall operator, offered to buy General Growth Properties Inc. out of Chapter 11 bankruptcy protection for more than $10 billion in a deal that would give shareholders -- typically left empty-handed in bankruptcy reorganization -- $9 a share. The Indianapolis company said it sent an offer letter to acquire Chicago's General Growth on Monday but hadn't received a response. General Growth is the No. 2 U.S. mall operator and counts among its Southern California properties the Glendale Galleria, Northridge Fashion Center and Burbank Town Center.
BUSINESS
February 25, 2010 | By Roger Vincent
General Growth Properties, owner of the Glendale Galleria and other large Southland shopping centers, said Wednesday that it had reached an agreement with a Canadian investor that would enable the mall owner to leave Chapter 11 bankruptcy protection. Brookfield Asset Management Inc., which is part of a company that owns a handful of premier office buildings in Los Angeles County, would invest $2.5 billion in cash in General Growth stock in return for 30% ownership. The deal must be approved by a Bankruptcy Court judge, but if the agreement stands it could rescue Chicago-based General Growth from a hostile takeover attempt by archrival Simon Property Group, the country's largest mall operator.
BUSINESS
March 5, 2002 | From Bloomberg News
General Growth Properties Inc., the second-largest U.S. shopping mall owner, on Monday agreed to buy JP Realty Inc. for about $1.1 billion in cash, stock and assumed debt, adding 18 regional malls in the West. JP Realty investors and limited partners will receive $26.10 in cash for each share, 6.8% above the closing price Friday. General Growth will pay $524 million in cash and assume $460 million in debt and $116 million of preferred shares, Chief Executive John Bucksbaum said.
BUSINESS
April 17, 2009 | Andrea Chang
Saddled with billions in debt, shopping mall giant General Growth Properties Inc. sought protection from its creditors in Bankruptcy Court on Thursday, marking the largest Chapter 11 filing for a real estate company in U.S. history. The bankruptcy filing by General Growth, owner of the Glendale Galleria, Northridge Fashion Center and other Southland malls, had been expected for months.
BUSINESS
March 21, 2009 | TIMES WIRE REPORTS
General Growth Properties Inc. lost a Louisiana shopping mall to foreclosure by Citigroup Inc., a sign lenders are less willing to give the real estate investment trust more time to pay its debts. Chicago-based General Growth missed a March 16 deadline to repay a $95-million Citicorp loan, Citigroup said. General Growth, which has stakes in or manages more than 200 malls in 44 states, has been negotiating with lenders to avoid a bankruptcy filing.
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