General Growth executives keeps job after restructuring
The nation's second-largest mall operator will keep two of its chief executives when it exits bankruptcy.
The chief executive and chief operating officers for General Growth Properties will keep their jobs when the company emerges from bankruptcy.
According to a report from Bloomberg, General Growth received approval on a disclosure statement that it will give to creditors in an effort to get enough votes for it to exit Chapter 11 protection. It will allow CEO Adam Metz and president and COO Thomas Nolan to remain in their positions for up to a year after the company completes restructuring, which is expected to happen in October.
General Growth filed for bankruptcy in April 2009 because of almost $28 billion in liabilities, and has since restructured billions of dollars worth of debt as it put together a plan to exit Chapter 11 and pay off all its creditors in full. Metz and Nolan are expected to oversee the final phases of the company's plan.
The Wall Street Journal reported that General Growth would also launch a notes offering worth $2.25 billion and will use the proceeds to fund financing commitments.
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