General Growth Properties (GGP), the Chicago REIT that filed for Chapter 11 bankruptcy protection in April 2009, reported a loss of $117.5 million, or 37 cents a share, in the second quarter of this year, compared with a loss of $158.4 million, or 51 cents a share, in the second quarter of 2009.
The company, which published its earnings information on Aug. 9, reported funds from operations of $93.6 million in the second quarter of 2010, compared with $58.2 million in the second quarter of 2009.
GGP filed an amended reorganization plan in U.S. Bankruptcy Court in the Southern District of New York on Aug. 2. Under the amended plan, Brookfield Asset Management, Fairholme Capital Management and Pershing Square Capital Management will provide $8.55 billion of capital to the company to aid in its emergence from bankruptcy. The Teacher Retirement System of Texas will invest $500 million in shares of the reorganized company’s common stock. GGP said it hopes to exit Chapter 11 in October.
The company, which owns and manages malls in 44 states, has restructured roughly $15 billion worth of debt since December. The bankruptcy case, No. 09-11977-ALG, is being overseen by Judge Allan Gropper.
