Home > Updates > GGP: Raising Capital

GGP: Raising Capital

There has been no major news about GGP since March 3rd, the court hearing for an extension. Well, we knew that it wouldn’t be long before something big came out.

This just hit the wires. The news is that Pershing and Fairholme will be backing the GGP plan to raise capital by jointly investing $3.93B.

General Growth Properties Inc.’s largest creditor, Fairholme Capital Management LLC, and Pershing Square Capital Management LP, the biggest shareholder, plan to jointly invest $3.93 billion in the mall owner to help it emerge from bankruptcy, according to a person familiar with the plan.

There isn’t much detail about this. I expect the details to emerge in the next day or so. With the $2.63B that BAM is investing, we now have a total of $6.56B that will be injected into GGP. This should be sufficient to get the unsecured paid off.

If Simon has a next move, they better make it quick. If they are to make an offer, I suspect it should be coming in the coming days.

Advertisements
Categories: Updates
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: