NEW YORK, May 12 (Reuters) - U.S. mall owner General Growth Properties Inc (GGWPQ.PK: Quote, Profile, Research) said in court papers on Tuesday it is in a "final agreement" for a $400 million debtor-in-posession bankruptcy loan from an investor group led by Farallon Capital Management.

In papers filed with the U.S. bankruptcy court in Manhattan, General Growth said the agreement replaces an earlier loan offer from William Ackman's Pershing Square Capital Management.

Under the new agreement, the investors, which include Farallon affiliate "Open Air Investors," Luxor Capital and Canpartners Investments, may receive up to 8 percent of the common stock of the reorganized company, upon its emergence from bankruptcy. (Reporting by Emily Chasan and Ilaina Jonas; Editing by Richard Chang)