General Growth to sell $1.3bn of bonds in plan

General Growth Properties, the second-largest US mall operator, intends to sell $1.3bn of bonds instead of seeking a term loan under a revised $8.5bn reorganization plan to exit bankruptcy. General Growth, based in Chicago, filed the revised plan yesterday in US Bankruptcy Court in New York. The company still expects to leave bankruptcy in October, as proposed in the earlier plan. Under the changes, $350m of shares will be available for clawback in the 180 days following the company’s exit from bankruptcy.