Simon Makes Offer to Buy Bankrupt General Growth Properties

Published February 17, 2010, 2:00 p.m. EST

1 Min Read

Real estate firm Simon Property Group, Indianapolis, has made a $10 billion written offer to buy the bankrupt General Growth Properties Inc. Simon said it would provide a 100% cash recovery of par value plus accrued interest to all General Growth's unsecured creditors, including the lenders under its credit facility. The Indianapolis-based company said that, among other things, the transaction is subject to "negotiation of a definitive transaction agreement between Simon and General Growth which would provide for reasonable certainty of closing."

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