River Park Square mall operator's headed for bankruptcy - Spokane, North Idaho News & Weather KHQ.com

River Park Square mall operator's headed for bankruptcy

LOS ANGELES, Calif. - The nation's second-largest mall operator is headed for Chapter 11 bankruptcy protection.

This morning's move came after Chicago-based General Growth Properties failed to persuade a majority of its debt holders to give it more time to refinance billions of dollars in debt.

The company says the restructuring "will be invisible" to shoppers at its more than 200 malls across 44 states. It plans to continue operating all of its shopping centers during the process.

General Growth warned last fall that it might have to seek bankruptcy protection if it didn't get lenders to rework its debtnterms.

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