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judge approves exit from bk:

On Thursday October 21, 2010, 1:14 pm
NEW YORK (Reuters) - A judge on Thursday approved a reorganization plan for General Growth Properties Inc (NYSE:GGP - News), paving the way for the No. 2 U.S. mall operator to exit Chapter 11 bankruptcy next month.

"This is an extraordinary case," General Growth Chief Executive Adam Metz said.

Under the plan confirmed by the court, all bond holders will be repaid and shareholders, who often lose everything in a bankruptcy, will walk away with more than $5.2 billion of equity.

The reorganization plan was approved by U.S. Bankruptcy Judge Allan Gropper of U.S. Bankruptcy Court in Manhattan. General Growth said it expects to emerge from bankruptcy around November 8.

(Reporting Ilaina Jonas; Editing by Steve Orlofsky)
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