Mall owner to split after leaving bankruptcy

July 13, 2010 8:30:58 PM PDT
The owner of several malls in Illinois says it plans to emerge from chapter 11 bankruptcy protection by this fall as two separate companies.

The Water Tower is among seven Illinois malls owned by General Growth properties, also known as GGP.

So far, GGP has restructured about $15 billion in project-level debt.

When it emerges in October, shareholders will own stock in both GGP and the newly formed Spinco.