General Growth Properties, owner of The Parks Mall in Arlington and Hulen Mall in Fort Worth, filed for Chapter 11 bankruptcy protection this morning.
The Chicago-based company, which is the second largest mall operator in the United States behind only Simon Properties, filed its petition in Manhattan bankruptcy court.
Thomas H. Nolan Jr., the company’s president, said in a statement that the bankruptcy filing includes all of the malls that it owns across the country, and that they will continue to operate normally.
“Our operational model is sound,” Nolan said. He went on to cite “the unprecedented disruption in the real estate financing markets and the need to extend maturing debt” as the reason for the bankruptcy filing.
