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General Growth Board Supports Brookfield Proposal

General Growth Properties Inc.’s board supports the latest financing proposal from a group led by Brookfield Asset Management Inc., company President Thomas Nolan said in testimony read in bankruptcy court today.

Lawyers for Simon Property Group Inc. said that they will withdraw from the bidding process if U.S. Bankruptcy Judge Allan Gropper approves the Brookfield-led plan and the issue of warrants today in Manhattan, saying the warrants would dilute the value of the company.

General Growth’s plan to give Brookfield, Fairholme Capital Management LLC and Pershing Square Capital Management LP warrants to buy stock in the reorganized company in exchange for funding has changed, company lawyer Marcia Goldstein said in court. Pershing will waive its share of interim warrants and Brookfield will increase the strike price on its warrants to $10.75 from $10.50, Goldstein told Gropper.

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