Natick Collection Owner Gets Help From Creditors
General Growth Properties Inc., owner of the Natick Collection, said two of its biggest creditors want to put $3.9 billion into helping the company get out of bankruptcy.
The company said Fairholme Capital Management and Pershing Square Capital Management would commit $3.9 billion in new equity at a value of $15 per share. Fairholme is one of GGP's biggest unsecured creditors. Pershing Square is also an unsecured creditor and one of the company's largest equity holders.
To emerge from bankruptcy, GGP needs the $3.9 billion and $2.6 billion offered late last month by Brookfield Asset Management Inc. Its plan also needs either an anticipated $1.5 billion from a debt issuance or the restructuring of about $1.5 million in existing debt.
The company turned down a takeover offer from competing mall giant Simon Properties last month.
The Chicago-based real estate investment trust filed Chapter 11 bankruptcy in December. The company owns or manages more than 200 shopping centers around the country.
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