CHICAGO-General Growth Properties Inc. has fully emerged from its billion-dollar bankruptcy, and has split itself into two separate and independent publicly-traded corporations. The new GGP will own and manage more than 183 malls in 43 states, and the renewed Howard Hughes Corp. will consist of master-planned communities and other development opportunities.

The company restructured about $15 billion of project-level debt, recapitalized with $6.8 billion in new equity capital. The trust has paid all creditor claims in full, and achieved substantial recovery for equity holders, according to Adam Metz, CEO.

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