Will General Growth emerge from Chapter 11 in six pieces?

Shopping-mall owner General Growth Properties Inc. confirmed reorganization plans yesterday for five more property-owning subsidiaries with $262 million in debt.

Four more with $2.5 billion in debt remain to be reorganized formally. Yesterday's was the sixth group of property owners to have their plans confirmed since December.

General Growth still must propose and confirm a reorganization dealing with $6.5 billion of unsecured debt at the holding company level. For the final push, General Growth has $2.63 billion from Brookfield Asset Management Inc. to be invested in return for 30 percent of the new stock.

Fairholme Capital Management LLC and Pershing Square Capital Management LP have offered to provide another $3.93 billion in new equity capital. General Growth began the largest real estate reorganization in history by filing under Chapter 11 in April. The books of the Chicago-based company had assets of $29.6 billion and total liabilities of $27.3 billion as of Dec. 31, 2008.

It owns or manages more than 200 shopping-mall properties. The case is In re General Growth Properties Inc., 09-11977, U.S. Bankruptcy Court, Southern District of New York (Manhattan).