General Growth Properties plans to split itself in two as part of its move to exit bankruptcy that includes a $2.63bn investment from Brookfield Asset Management.

Westfield signed a non-disclosure agreement to receive information from General Growth, a person familiar with the pact said today.

Under the Brookfield proposal, General Growth stockholders would receive one new General Growth share with an initial value of $10, plus one share of a new company, to be called General Growth Opportunities, with an initial value of $5, for each share they own. Unsecured creditors would be repaid in full plus interest. Simon Property Group Inc., which last week made public a $10bn takeover bid for General Growth, dismissed the plan as “a risky equity play.”

Under the unsolicited offer by Simon equity investors would have received about $9 a share and unsecured creditors paid in full for about $7bn. General Growth said the offer was too low and it would invite others to submit bids.