Chicago-based General Growth Properties Inc. (GGP), which owns Jordan Creek Town Center in West Des Moines, announced it has reached an agreement in principle with Brookfield Asset Management Inc. to invest in a proposed recapitalization of GGP at $15 per share and provide par plus accrued interest to unsecured creditors.

The move was supported during a rare appearance by General Growth Chairman John Bucksbaum, who stepped down as CEO in October 2008 in the midst of GGP’s financial crisis. He blamed the company’s collapse on the financial crisis and not its acquisition of Rouse Cos. in 2004, Crain’s reported.

The $2.6 billion proposed equity commitment is expected to create a floor value for the purpose of raising additional equity for the company, and comes just a week after GGP formally rejected in a letter a $10 billion offer by Simon Property Group Inc. to purchase the company, which filed for bankruptcy last April.

“As we have previously stated, our objective is to maximize value for the company and its stakeholders and we are engaging in a process that is intended to accomplish that result in an expeditious manner,” wrote General Growth CEO Adam Metz in a letter to Simon. “Understandably, your objectives are not aligned with ours. We hope you will, nonetheless, participate in our process.”

Bucksbaum backed the proposed plan and also dismissed the Simon offer, saying it didn’t constitute an offer, just an expression of interest. But Bucksbaum acknowledged that property and debt markets still look risky, which according to Crain’s almost contradicts an argument against the Simon offer, which pays creditors and shareholders in cash.

Metz said in a release that this current proposed plan would offer significant value for all of its stakeholders.

“The Brookfield-sponsored recapitalization — coupled with the more than $13 billion of restructured debt, our compelling scale as the second-largest regional mall owner, our fortress assets and a business plan that focuses on further deleveraging the balance sheet and building liquidity — provides a strong financial foundation for the future,” Metz said.

Read the full release.