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Faneuil Hall, Natick Collection Owner Bankrupt

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Apr 16, 2009 9:12 am US/Eastern

Faneuil Hall, Natick Collection Owner Bankrupt

CHICAGO (AP) ―

Click to enlarge 1 of 2: CBS
Click to enlarge 2 of 2: WBZ

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The operator of four malls in Massachusetts says it has filed for bankruptcy protection after failing to convince its debt holders to give it more time to refinance its crushing debt.

General Growth Properties Inc., the nation's second-largest mall operator, runs Faneuil Hall Marketplace, the Natick Collection, the Silver City Galleria in Taunton and the Swansea Mall.

Read: How would bankruptcy affect malls?

The Chicago-based real estate investment trust said early Thursday it filed for Chapter 11 bankruptcy protection.

General Growth says it received a financing commitment of about $375 million and expects it will be able to continue operating as it reorganizes.

The company has about $29.6 billion in assets and more than $27 billion in liabilities.