General Growth Properties, Inc. Files for Chapter 11 Protection

General Growth Properties, Inc. announced it is seeking relief to reduce and restructure its debts under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. Approximately 158 regional shopping centers owned by GGP, and certain other subsidiaries, have also filed for chapter 11 protection collectively with the company. GGP is involved with numerous properties in California. Some of its Valley properties include Burbank Town Center, Glendale Galleria, and Northridge Fashion Center. Burbank Town Center and Glendale Galleria are not involved in the filing. Northridge Fashion Center is listed as a filing property. Day-to-day operations and business of all GGP shopping centers and other properties will continue as usual. The company says the decision to pursue reorganization under chapter 11 came after extensive efforts to re-finance or extend maturing debt outside of Chapter 11. The company intends to pursue a reorganization plan that extends mortgage maturities and reduces its corporate debt and overall leverage. Eric Billingsley