Mall Owner Files for Chapter 11 Bankruptcy

General Growth Properties Inc., which owns four major malls in metro Atlanta, has filed for Chapter 11 bankruptcy protection after failing to persuade the majority of its debt holders to provide it with additional time to refinance billions of dollars in debt accumulated during the housing boom.

The company owns Cumberland, North Point, Perimeter and Southlake malls in metro Atlanta. GGP also oversees other malls in Augusta, Columbus, Macon and Savannah.

Chapter 11 protection generally permits a company to hold off creditors and do business as normal while it constructs a financial reorganization plan.

According to court documents, GGP had approximately $29.6 billion in assets and more than $27 billion in liabilities as of the end of 2008.