A Manhattan bankruptcy court judge has confirmed General Growth Property’s plan of reorganization, paving the way for GGP to exit bankruptcy court proceedings on Nov. 8. As part of the restructuring, GGP will split into two publicly traded companies. The new GGP will continue to be the second-largest shopping mall operator, with more than 185 regional malls in 43 states. The spin-off, called The Howard Hughes Corp., will own the master-planned communities and work on development opportunities. GGP filed for Chapter 11 bankruptcy court protection in April 2009. It has since restructured $15 billion in mortgage debt. The reorganization plan provides a full recovery to creditors and shareholders. William Ackman’s Pershing Square Capital Management is among the firms supplying $6.8 million in equity commitments to GGP, and Ackman will serve as chairman of the spin-off.

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