General Growth Properties Inc. has emerged from bankruptcy and split itself into two companies, Bloomberg reported.

The company said it spun off Howard Hughes Corp., an owner of master planned communities and other properties, which today began trading on the New York Stock Exchange under the ticker symbol HHC.

Chicago-based General Growth, which owns Jordan Creek Town Center in West Des Moines, filed for Chapter 11 bankruptcy protection in April 2009, after being unable to refinance $27 billion in debt.

Following its bankruptcy filing, General Growth first focused on restructuring about $15 billion in mortgage debt linked to approximately 140 properties, an effort it completed earlier this year.

Its restructuring plan provided a recovery for creditors and shareholders.

General Growth recently hired Sandeep Mathrani to be its new CEO. He is expected to begin that role in early 2011, after serving more than eight years as the executive vice president of retail real estate for New York-based Vornado Realty Trust.

General Growth owns and operates more than 183 retail centers in 43 states, making it the second-largest owner of malls in the United States. Simon Property Group Inc. is the largest U.S. mall company.