NEW YORK — General Growth Properties on Monday filed an anticipated Chapter 11 plan of reorganization that counts on $8.55 billion in new capital to pay off its debts and fund its continued operations.
The plan, which requires bankruptcy-court approval, paves the way for the nation’s second-biggest shopping-mall owner to complete its restructuring of billions of dollars in debt and to emerge from bankruptcy protection in October.
General Growth owns Park Meadows and Southwest Plaza in the Denver metro area, Foothills Mall in Fort Collins, and Chapel Hills Mall and Austin Bluffs Plaza in Colorado Springs.
Upon emergence from bankruptcy, court papers show, General Growth will be split into two public companies. One will continue to own or manage malls and other rental properties. The other will serve as a holding company for properties with development potential.
