The plan would create two companies, General Growth Properties(GGP), which would have the higher-quality assets, and GeneralGrowth Opportunities (GGO), which will own a diverse portfolio ofreal estate assets, including the company's master plannedcommunities and properties such as Ward Centers in Honolulu andSouth Street Seaport in New York City. The proposed plan providesunsecured creditors with PAR plus accrued interest and, beforetaking into account the warrants, the existing shareholders withapproximately 34% of the equity of reorganized GGP and 86% of theequity of GGO.

Company officials said in a late Wednesday statement that thecombined equity capital, along with its anticipated new$1.5-billion debt issuance--or the reinstatement of a comparableamount of existing debt--would, if approved, deliver substantiallyall of the cash required to fulfill the capital needs in connectionwith its emergence from bankruptcy.

The troubled shopping center REIT, chaired by local industrygiant John Bucksbaum, will appear for another bankruptcy hearing onthis plan later this month, and has until July to file exact termsof the plan. However, according to the company statement, the trustwill continue to consider other options. It is rumored that SimonProperty Group, which proposed a $9 per share takeover planfor $10 billion, may up its offer with financial assistancefrom companies such as Blackstone. A Simon representative did notreturn calls Wednesday evening.