CHICAGO - General Growth Properties (NYSE: GGP), owner of the Foothills Mall, could be a step closer to emerging from bankruptcy after receiving an offer for a $3.9 billion equity boost.

Fairholme Capital Management LLC and Pershing Square Capital Management proposed to commit just over $3.9 billion of new equity capital in exchange for shares valued at $15 per share. Fairholme is one of the largest unsecured creditors of the GGP bankruptcy, and Pershing is one of the company's largest equity holders and also an unsecured creditor. The proposal is subject to approval by the GGP board of directors and the U.S. Bankruptcy Court.

The company also recently received a proposal from Brookfield Asset Management Inc. for a $2.6 billion boost, bringing the total committed equity capital to $6.5 billion if the proposals are accepted.

The announcement of the newest proposal comes days after GGP's announcement that its stock had resumed trading on the New York Stock Exchange. The stock was up 14 cents to $14.69 in morning trading.