General Growth to emerge from bankruptcy; names spin-off Howard Hughes Corp.
General Growth will keep its name for only a portion of its new business once it emerges from bankruptcy. General Growth Properties on Friday named the board of its future spin-off company and appointed hedge fund manager William Ackman to become its chairman when the mall owner and property developer emerges from bankruptcy. It also will call the company the Howard Hughes Corp, named for the eccentric U.S. entrepreneur who died as a recluse in 1976. General Growth, which filed for bankruptcy in April 2009, plans to emerge from Chapter 11 as two companies. The mall company will retain the name and house about 185 mall properties. It is expect to exit bankruptcy in November.