General Growth gets more time for bankruptcy plan

LOS ANGELES -- A spokesman for General Growth Properties Inc. says a bankruptcy court judge in New York has granted the mall owner's request for additional time to sort out its exit from Chapter 11 bankruptcy protection.

David Keating said Wednesday that U.S. Bankruptcy Judge Allan Gropper gave the company a four-month extension.

That's two months less than what Chicago-based General Growth sought.

The move buys General Growth more time to exclusively file a reorganization plan and weigh offers to buy the company.

General Growth has put forward a plan to exit bankruptcy with an investment from Canadian property manager Brookfield Asset Management Inc. But it's also soliciting higher buyout offers.

In Las Vegas, General Growth owns the Boulevard and Meadows malls off the Strip. Along the resort corridor, the company owns Fashion Show mall, the Grand Canal Shoppes at The Venetian and the Shoppes at Palazzo. General Growth also owns The Howard Hughes Corp., which is developing Summerlin. A major regional mall the company was building at Summerlin Centre is on indefinite hiatus.