Wednesday, 27 May 2015
Last updated 1 hour ago
Mar 23 2010 | 3:32am ET
A pair of prominent hedge funds may seek to push out another pair of prominent hedge funds in the ongoing battle for the future of mall operator General Growth Properties.
Elliott Associates and Paulson & Co. have held talks with General Growth, which is seeking the exit bankruptcy. Under the plan, the two hedge funds would join a restructuring bid led by Brookfield Asset Management, Bloomberg News reports.
Brookfield, which is proposing a $2.63 billion investment in General Growth, is already paired with two other hedge funds, Pershing Square Capital Management and Fairholme Capital Management. The former is General Growth’s largest shareholder, the latter its biggest unsecured creditor. Elliott itself is also a major shareholder and creditor of the company.
It is unclear whether Elliott and Paulson plan to try to push out the other hedge funds or join them. They could also be joined by other hedge funds; Bloomberg cited Luxor Capital Group as a potential partner.
May 27 2015 | 2:15pm ET
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