General Growth Properties Names Board of Directors for Post-Emergence GGP
October 05 2010 - 5:45AM
Business Wire
General Growth Properties, Inc. (NYSE: GGP) today announced
individuals that will comprise the nine-member Board of Directors
of the new GGP. The Board will assume its responsibilities
following GGP’s emergence from bankruptcy, currently scheduled for
early November.
"I am honored to lead the board of directors at the start of
this exciting new chapter for GGP. The company is well positioned
to pursue its attractive future growth prospects upon emergence,"
said Bruce Flatt, who will serve as Chairman of the Board effective
post emergence. "I am also looking forward to working with such a
talented group of board members, who bring a variety of industry as
well as financial expertise to the table.”
The following individuals will be members of the GGP Board of
Directors:
- Ric Clark – Chief Executive
Officer of Brookfield Properties
- Mary Lou Fiala – Former Chairman
and current member of the Board of Trustees of International
Council of Shopping Centers (ICSC); Member of the Board of
Directors at Macquarie Global Growth Trust; Member of the Board of
Directors at Build-A-Bear Workshop; Member of the Board of
Directors at Flat Out Crazy, an Asian restaurant; Former President
and Chief Operating Officer of Regency Centers Corporation
- Bruce Flatt – Senior Managing
Partner and Chief Executive Officer of Brookfield Asset
Management
- John Haley – Current member of
GGP’s Board of Directors; Retired Partner, Transaction Advisory
Services (TAS) at Ernst & Young LLP
- Cyrus Madon –Senior Managing
Partner at Brookfield Asset Management responsible for
restructuring and lending activities
- Adam Metz – Chief Executive
Officer of General Growth Properties, Inc.
- David Neithercut – President and
Chief Executive Officer and a member of the Board of Trustees of
Equity Residential, one of the nation’s largest REITs as measured
by equity market capitalization
- Sheli Rosenberg – Currently lead
director of General Growth Properties; Retired Chief Executive
Officer, President and Vice Chairwoman of Equity Group Investments,
Inc., a Chicago-based, privately held investment company
- John G. Schreiber – President of
Centaur Capital Partners, Inc. and a Partner and Co-Founder of
Blackstone Real Estate Advisors; Former Chairman and CEO of JMB
Urban Development Co.
ABOUT GGP
GGP currently has ownership and management interest for more
than 200 regional shopping malls in 43 states, as well as ownership
in planned community developments and commercial office buildings.
The Company’s portfolio totals approximately 200 million square
feet of retail space and includes more than 24,000 retail stores
nationwide. The Company’s common stock is traded on the New York
Stock Exchange under the symbol GGP.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements. Actual
results may differ materially from the results suggested by these
forward-looking statements, for a number of reasons, including, but
not limited to, our ability to successfully complete our plan of
reorganization and emerge from bankruptcy, our ability to
refinance, extend, restructure or repay our near and intermediate
term debt, our substantial level of indebtedness, our ability to
raise capital through equity issuances, asset sales or the
incurrence of new debt, retail and credit market conditions,
impairments, our liquidity demands and retail and economic
conditions. Readers are referred to the documents filed by General
Growth Properties, Inc. with the Securities and Exchange
Commission, which further identify the important risk factors which
could cause actual results to differ materially from the
forward-looking statements in this release. The Company disclaims
any obligation to update any forward-looking statements.
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