General Growth files for Chapter 11

General Growth Properties, the second-biggest US shopping mall owner, filed for bankruptcy on Thursday amid the collapse in commercial property prices. The Chicago-based company owns more than 200 US malls, making it one of the largest real estate bankruptcies ever. With $27bn in net debt, General Growth last month failed to renegotiate new terms with bondholders for $2.25bn of debt. It said that 158 regional shopping centres it owns have also filed for bankruptcy.