Mall owner and operator General Growth Properties Inc., which operates Jordan Creek Town Center in West Des Moines, has filed a motion in U.S. Bankruptcy Court in New York, requesting permission to emerge from Chapter 11 bankruptcy, the Dallas Business Journal reported.

Chicago-based General Growth said in the March 31 filing that it’s trying to emerge from bankruptcy, using a $6.55 billion investment from Brookfield Asset Management, Pershing Square Capital Management and Fairholme Capital Management.

General Growth said the companies agreed to commit a total of $6.55 billion of new equity capital valued at $15 per share.

The company also will issue warrants for 120 million shares of stock, exercisable at $15 per share. The transaction still requires approvals from U.S. Bankruptcy Court. General Growth said the $6.55 billion investment and a debt issuance of $1.5 billion would fulfill the company’s capital needs to emerge from Chapter 11.

Once it emerges, General Growth will form a new company – General Growth Opportunities — which will oversee a portfolio of real estate assets.

Unsecured creditors would get par plus accrued interest, and existing shareholders will receive approximately 34 percent of the equity of the newly reorganized General Growth Properties and 86 percent of the equity in the newly formed General Growth Opportunities.

Despite this plan being in place, General Growth said it will continue to explore alternative transactions to see if another option may provide greater value for shareholders.