Branson Landing manager General Growth files for Chapter 11

General Growth Properties Inc., the Chicago-based company that manages Branson Landing, has voluntarily filed for Chapter 11 bankruptcy.

The nation's second-largest mall operator ran out of options to address its maturing debt amidst collapsed credit markets, GGP said in a news release Thursday. Also filing for bankruptcy are 158 GGP-owned shopping centers and other GGP subsidiaries.

GGP has managed Branson Landing since August 2008. The lifestyle center on Lake Taneycomo is not owned by GGP and therefore is not included in the bankruptcy. GGP's shopping centers should continue to operate uninterrupted, according to the release.

"We don't expect any of our visitors to notice any difference in our quality of service to customers," CEO Adam Metz said in the release. "Our tenant retailers, restaurants, movie theaters and everyone at our malls stand ready to serve you just as we have in the past."

GGP attempted unsuccessfully to negotiate out of court with its secured and unsecured creditors, according to the release. The company intends to pursue a reorganization plan that extends mortgage maturities and reduces its corporate debt and overall leverage.

GGP also has received a commitment from Pershing Square Capital Management LP for $375 million in debtor-in-possession financing.

GGP has ownership interest in or management responsibility for more than 200 regional shopping malls in 44 states, as well as ownership in master planned community developments and commercial office buildings, according to the release. Company shares (NYSE: GGP) closed Friday at $1.05, compared to $40.57 a year ago.