Report: General Growth will split into 2 parts

Brookfield Asset Management will pledge $2.63 billion to a plan that will split General Growth Properties into two companies, according to a GGP release. Under the plan -- drafted in part by board member William Ackman -- the larger company would retain both the General Growth Properties name and most of the existing company's 200 malls. The smaller company, to be named General Growth Opportunities, would take on about 28 struggling or less valuable assets. GGP's hope is that the federal judge overseeing its bankruptcy case will give it another six months to reorganize the company with this plan. The big question is what weight the judge will give GGP's unsecured creditors, who object to the proposal to split the company in two. In addition, Westfield Group this week became the latest company to indicate its interest in taking over GGP.

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