General Growth says Fairholme and Pershing Square offer $3.93 billion investment
By APMonday, March 8, 2010
General Growth gets offer of $3.93B investment
CHICAGO — Shopping mall operator General Growth Properties says two of its creditors have offered to invest $3.93 billion in the company to help it emerge from bankruptcy protection.
General Growth said in a statement late Monday that Fairholme Capital Management and Pershing Square Capital Management, which is also a major General Growth shareholder, offered the investment of new equity capital valued at $15 a share.
Canada’s Brookfield Asset Management last month offered to invest $2.6 billion in cash in exchange for General Growth shares.
General Growth says the combined investments, along with debt issuance, would give it the cash it needs to emerge from bankruptcy.
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