CHICAGO-General Growth Properties Inc. has fully emerged fromits billion-dollar bankruptcy, and has split itself into twoseparate and independent publicly-traded corporations. The new GGPwill own and manage more than 183 malls in 43 states, and therenewed Howard Hughes Corp. will consist of master-plannedcommunities and other development opportunities.

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

As part of the bankruptcy ending, the company has offered 135million shares of common stock, allowing the company to replace$2.15 billion of its $6.8 billion in equity commitments. Also, thefirm said it expects to pay a regular quarterly cash dividend ofabout 10 cents per share, beginning in Q1 2010. Finally, thecompany’s Board of Directors agreed to sell the Gateway OverlookShopping Center in Columbia, MD for $90 million, as part of acontinuing initiative to sell non-core assets and reduce debt.