Post from the Wall Street Journal regarding the General Growth bankruptcy:
“The takeover battle for mall owner General Growth Properties Inc. reached a boiling point Wednesday as General Growth unveiled a deal with Canadian property investor Brookfield Asset Management Inc. even as Australian mall owner Westfield Group considered entering the fray.
Westfield, which owns 119 malls in the U.S., Australia and Britain, signed a nondisclosure agreement this week to begin discussions with General Growth about a possible offer, people familiar with the matter said.
Westfield has $8 billion of borrowing capacity on hand, and is thus far acting alone, these people said.
As Westfield deliberated, General Growth laid out a plan …”
General Growth Properties owns Galleria at Tyler in Riverside, Moreno Valley Mall, and Redlands Mall in the Inland area. A bankruptcy judge will consider all options for the hearing set for March 3.
Follow news about General Growth Properties at the Curtis Law Group Bankruptcy Blog.
