This was accomplished thanks to a reorganization deal spearheaded by several equity investors including the Teacher Retirement System of Texas, Brookfield Asset Management, and Fairholme Funds Inc. Pershings Square Capital Management. As a result GGP was able to pay all creditor claims while restructuring $15 billion in debt and recapitalizing $6.8 billion in new equity capital.
Management also changed in this deal landing Sandeep Mathrani of Vornado Realty Trust the coveted position of chief executive officer.
One of the two companies, the new General Growth Properties, was able to retain its name and made its first public offering of 135 million shares on November 10. The other company, the Howard Hughes Corporation will trade under the ticker name of HHC.