General Growth returns to NYSE Friday

Posted March 2, 2010 at 8:12 a.m.

By Sandra M. Jones | General Growth Properties Inc. said it filed an application to list its common stock on the New York Stock Exchange.

The Chicago-based mall operator expects the shares to begin trading
Friday under the symbol GGP. General Growth shares have been trading
over-the-counter under the symbol GGWPQ since it enter Chapter 11
bankruptcy last April.


“We are pleased to again be eligible for listing on the New York Stock Exchange, the world’s largest and most liquid trading market,” said Adam Metz, General Growth CEO. “Trading again on the NYSE will mark an important milestone in GGP’s restructuring process.”

On Wednesday, General Growth is scheduled to ask a federal bankruptcy judge in Manhattan to give it six more months to submit its reorganization plan, which would keep outside bids at bay until October.

Mall operator Simon Property Group–which bid $10 billion last month to buy its rival and has the backing of the official committee of unsecured creditors–wants bidding to begin for General Growth as soon as possible. General Growth called Simon’s bid too low and disclosed its own plan to split itself into two companies backed by Brookfield Asset Management Inc.

While in most Chapter 11 bankruptcies, stock in the reorganized company are worthless, both offers from General Growth and Simon will pay shareholders.

 

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