Shopping mall operator General Growth Properties Inc. said today it has reached a deal with a Canadian property manager that will enable it to emerge from Chapter 11 bankruptcy protection.

General Growth, whose Hawaii holdings include Ala Moana Center and Whaler�s Village, plans to split itself into two companies and receive $2.63 billion in capital from Toronto-based Brookfield Asset Management Inc.
The proposal would give General Growth equity holders total consideration of $15 a share, the Chicago-based company said in a statement today.
Stockholders would receive one new General Growth share with an initial value of $10, plus one share of a new company, to be called General Growth Opportunities, with an initial value of $5, for each share they now own. Unsecured creditors would be repaid in full plus interest.
The plan comes after an unsolicited $10 billion takeover bid by Simon Property Group Inc., the largest U.S. shopping mall owner. Under that offer, made public last week, equity investors would have received about $9 a share and unsecured creditors paid in full for about $7 billion. General Growth said the offer was too low and it would invite others to submit bids.