Ackman Gets Wish, General Growth Files for Chapter 11

April 17th, 2009
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General Growth Properties Inc (GGP) voluntarily filed for chapter 11 bankruptcy today. Bill Ackman's Pershing Square Capital Management, a top shareholder, had been pushing the company’s management to seek bankruptcy relief in order to restructure the company’s business operations. As part of its announcement, General Growth said that Pershing Square has committed to provide the company with a “debtor-in-possession financing facility of approximately $375 million…The Company has requested, and expects to receive, additional approvals to give the Company the authority to make payments to ensure that the Company’s shopping centers and other properties continue to operate uninterrupted in the ordinary course of business.”
See Press Release
For Detailed Investor Profiles on these Investors, click below:
Pershing Square Capital Management
Related People: Nicholas Botta; Roy J. Katzovicz; Scott Ferguson*; William 'Bill' Ackman
Related Entities: Leucadia Corporation (NYSE: LUK); Pershing Square Capital; Pershing Square IV; Pershing Square LP
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles

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