A judge approved General Growth Properties Inc.'s reorganization plan Thursday.

According to court documents, the nation's second-largest mall owner has been cleared to exit bankrtuptcy, 18 months after its original filing. General Growth said it is expected to emerge from bankruptcy around November 8. The company would then sell $2.25 billion in stock to raise capital, officials said.

Under the new plan, approved by U.S. Bankruptcy Judge Allan Gropper, all bondholders will be repaid and the company's 300 shareholders will receive more than $5.2 billion of equity. The company will emerge from bankruptcy as two separate publicly traded companies: General Growth Properties and Howard Hughes Corp. General Growth Chief Executive Adam Metz called the plan "extraordinary."  

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