PROVIDENCE – General Growth Properties Inc., the bankrupt owner of Providence Place mall, has received another offer to help it exit bankruptcy, according to The Wall Street Journal.
GGP filed for bankruptcy in April after going on a buying spree that left the company with about $27 billion in debt. The Journal reported Tuesday that Toronto-based Brookfield Asset Management Inc. has approached GGP with a plan that would allow it to exit Chapter 11 as an independent company.
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The news comes on the heels of last week’s $10 billion offer for GGP by Indianapolis-based mall giant Simon Property Group Inc.
GGP executives have insisted the proceedings have had little effect on visitors to the 2 million-square-foot Providence Place or the 1.04 million-square-foot Silver City Galleria in Taunton, which it also owns. The company also manages the 700,000-square-foot Swansea Mall, which is owned by New York-based Carlyle Development Group Inc.
