General Growth Properties Inc is getting closer to filing a bankruptcy exit plan, with its board planning to meet on Monday to give final approval to the proposal, sources familiar with the matter said. The plan, which would have General Growth exit as a stand-alone company, is backed by three large investors — Brookfield Asset Management, Fairholme Capital Management and William Ackman’s Pershing Square Capital Management, the sources said on Sunday. General Growth, the second-largest U.S. mall owner, could file the plan in bankruptcy court as soon as after the close of markets on Monday, the sources said, declining to be named because these discussions are not public. The exact timing has not yet been finalized, though, they added. Potential suitors are likely eagerly waiting the filing, which would give them further details about the plan. It could prove to be the starting gun for them to jump into the fray with rival bids. “It’s kind of a first step,” one of the sources said. The plan would give General Growth a floor for value and other suitors could come up with rival bids that could ultimately change the outcome, the source added.
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