General Growth clawing its way out of bankruptcy

General Growth Partners, one of the largest mall owners in the country and the company which still intends building The Bridges at Mint Hill, may be on the verge of exiting bankruptcy. The company was forced to file for bankruptcy last year when investments went bad. Simon Properties, the owner of South Park Mall, wants to take over General Growth with a $10 billion offer. However, General Growth is not going down without a fight. It has a partner to help get the finances back in order and has recently indicated it will get listed once more on the New York Stock Exchange. A judge recently gave the company more time to reorganize its finances. Thomas H. Nolan Jr., General Growth’s president, told the New York Times after the hearing:

“We’re pleased with the outcome. The judge clearly agreed with the plan that we outlined.”

Share