General Growth Properties Inc. plans to emerge from bankruptcy without selling its best-performing shopping malls after reaching agreement with lenders, a strategy that may thwart the acquisition ambitions of competitor Simon Property Group Inc. General Growth rose 15 percent.
El Paso, Texas, which is cutting police overtime and holding some jobs vacant, will have to spend an extra $17 million on bonds to finance a minor-league baseball stadium after an initial attempt to sell the debt failed.
General Growth Properties Inc. ’s board backed the latest financing proposal from a group led by Brookfield Asset Management Inc. in court, rejecting Simon Property Group Inc. ’s “best and final” offer. General Growth fell as much as 13 percent in New York trading.
General Growth Properties Inc.’s board supports the latest financing proposal from a group led by Brookfield Asset Management Inc., company President Thomas Nolan said in testimony read in bankruptcy court today.
Fairfield Greenwich Group, the hedge fund that steered $7 billion to Bernard Madoff, faces new claims of fraud by investors who previously alleged negligence against co-founders Walter Noel, Jeffrey Tucker and Andres Piedrahita.
When General Growth Properties Inc. bought Rouse Co. for $11.3 billion in 2004, then-Chief Executive Officer John Bucksbaum said the deal amounted to “five years worth of acquisitions in one fell swoop.” Now the challenge will be keeping those assets.