Investors await Simon bid for General Growth
Now that General Growth Properties has filed a plan to emerge from bankruptcy as a stand-alone company, investors expect a rival plan to emerge, with Simon Property Group the most likely suitor. "This is the beginning of the end," said Scott Moskol, who specializes in bankruptcy, corporate and finance law as a partner at Burns & Levison. The detailed plan sets a schedule under which General Growth will consider offers to either help bankroll its emergence as a stand-alone company, or buy the company in its entirety. Those offers must top the plan General Growth filed late on Wednesday and Simon is facing pressure to make a sweetened offer sooner rather than later.