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General Growth Properties Gets Investment Offer
CHICAGO (AP) -- Shopping mall operator General Growth Properties says two of its creditors have offered to invest $3.93 billion in the company to help it emerge from bankruptcy protection.

General Growth said in a statement late Monday that Fairholme Capital Management and Pershing Square Capital Management, which is also a major General Growth shareholder, offered the investment of new equity capital valued at $15 a share.

Canada's Brookfield Asset Management last month offered to invest $2.6 billion in cash in exchange for General Growth shares.

General Growth says the combined investments, along with debt issuance, would give it the cash it needs to emerge from bankruptcy.

General Growth Properties is the former manager of Sandburg Mall in Galesburg. GGP never owned the property, and no longer manages it.

(Copyright 2010 by The Associated Press. All Rights Reserved. WGIL News contributed to this report.)
03 09 10 by Newsroom
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