General Growth exits bankruptcy
Chicago — Exiting what was labeled the biggest real estate bankruptcy in U.S. history, General Growth Properties has emerged from Chapter 11 protection as two separate companies.
The country’s second-largest U.S. mall owner said Wednesday that it has spun off Howard Hughes Corp., an owner of master-planned communities and other properties.
The shares of the newly separate General Growth, as well as the shares of Howard Hughes, will begin trading Thursday on the New York Stock Exchange.
General Growth filed for Chapter 11 protection in April 2009 after accumulating $27 billion in debt that it was unable to refinance because of the financial crisis and collapse of the commercial mortgage-backed securities market. The company’s restructuring plan provided a full recovery for creditors and a recovery for shareholders.
In October, General Growth hired Sandeep Mathrani, former executive VP retail real estate for New York City-based Vornado Realty, Trust as its new CEO, a position he will assume at the beginning of 2011.
Mathrani will replace current CEO Adam Metz, who in October 2008 replaced John Bucksbaum, a member of the company’s founding family.
After filing for bankruptcy, General Growth turned its attention to restructuring about $15 billion in mortgage debt tied to about 140 properties, an effort it completed earlier this year. It then turned to its corporate-level debt and became the subject of a takeover battle between the country’s largest mall owner Simon Property Group and an investor group comprised of Brookfield Asset Management, Bill Ackman’s Pershing Square Capital Management LP and Bruce Berkowitz’s Fairholme Capital Management LLC. The private equity group prevailed, committing more than $8 billion to bring General Growth out of Chapter 11.
General Growth owns and operates more than 183 retail centers in 43 states.
Holiday food event returns to Sam’s Club
BENTONVILLE, Ark. Sam’s Club announced its eighth annual Holiday Taste of Sam’s Club, a nationwide event that offers Sam’s Club members and guests the opportunity to sample a wide-variety of gourmet foods, preview cooking demonstrations and take part in holiday decoration workshops.
The event will take place from 11 a.m. to 6 p.m. on Nov. 19, 20 and 21 at more than 600 Sam’s Club locations across the country. According to the company, the event will feature nearly 50 menu items to sample including USDA choice beef, premium side dishes and desserts.
“The Holiday Taste of Sam’s Club event is a great way to kick-off the holiday season to try delicious favorites and new recipes from Sam’s Club, while taking part in live cooking and decorating demonstrations,” said Shawn Baldwin, SVP fresh, freezer and cooler at Sam’s Club. “The tastings will offer something for everyone, from gourmet appetizers and entrees to fresh fruits, vegetables and locally prepared desserts.”
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GameStop to offer exclusive edition of Conduit 2
GRAPEVINE, Texas GameStop, SEGA of America Inc. and High Voltage Software Inc. today announced details of the exclusive GameStop Limited Edition of Conduit 2, the epic science fiction shooter exclusively for the Wii system from Nintendo. The Conduit 2 Limited Edition features the 44-page “The Art of the Game” Conduit 2 art book and two unlockable items: a new armor skin and an enhanced ASE search device. Conduit 2 is set to be released in February 2011 in North America.
The Conduit 2 Limited Edition package features:
* 44-page art book featuring a rich selection of concept art and design development insights into Conduit 2’s science fiction world, weapons, and enemies. * The “Eye of Ra” device is an enhanced in-game “All Seeing Eye” (A.S.E.) device that captures Conduit 2’s hidden secrets in twice the speed. * The “Gold Destroyer Armor” multiplayer skin based on the lead character’s primary armor.
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