General Growth Properties Files Amended Registration Statement on Form S-11
October 15 2010 - 6:24PM
Business Wire
General Growth Properties, Inc. (NYSE: GGP) today announced its
subsidiary, New GGP, Inc. (the “Issuer”), has filed an amended
registration statement on Form S-11 with the Securities and
Exchange Commission. GGP has revised its previously contemplated
offering of mandatorily exchangeable notes prior to the company’s
emergence from bankruptcy to a post-emergence offering of common
stock. The company currently expects to emerge from bankruptcy on
or about November 8, 2010.
“With this amended S-11 filing, we draw even closer to the
completion of the successful restructuring of General Growth
Properties,” said Adam Metz, chief executive officer of GGP. “We
are extremely pleased with our progress to date and see a clear
path to confirmation at our court hearing on October 21. In
addition, we have enhanced our corporate governance policies by
eliminating the staggered board structure at GGP and moving to
annual elections of all directors. We look forward to completing
these transactions and moving forward as a financially strong,
focused company.”
On October 11, 2010, GGP gave notice to The Fairholme Funds,
Pershing Square Capital Management and Teacher Retirement System of
Texas that New GGP preserved the right to repurchase within 45 days
after emergence up to 155 million shares of New GGP common stock to
be issued to The Fairholme Funds and Pershing Square and up to
approximately 24.4 million shares of New GGP common stock to be
issued to Teacher Retirement System of Texas with the proceeds of
the offering.
This offering will be made only by means of a prospectus. A
registration statement relating to these securities has been filed
with the Securities and Exchange Commission but has not yet become
effective. These securities may not be sold nor may offers to buy
be accepted prior to the time the registration statement becomes
effective. The registration statement on Form S-11 may be accessed
through the Securities and Exchange Commission’s website at
www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
ABOUT GGP
GGP currently has ownership and management interest in 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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