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.
1 minute readGeneral Growth to emerge from bankruptcy; names spin-off Howard Hughes Corp.
October 11, 2010, 12:46pm
Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio
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Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio
