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New York

General Growth files for bankruptcy

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After a seven-month effort to rework its financing, General Growth Properties filed for Chapter 11 bankruptcy, listing $29.5 billion in assets and $27.3 billion in debts. General Growth, which owns the South Street Seaport, collapsed after spending $11.3 billion to buy commercial property developer Rouse Co. in 2004 only to get caught in the credit crunch and a recession that has cut spending and property values. The filing lists Eurohypo AG, a unit of Commerzbank AG, as General Growth’s largest unsecured creditor with claims totaling $2.59 billion under two loans. “We intend to emerge as a leaner company,” General Growth President Thomas Nolan said. “We want to come out as a less leveraged company. Our business model remains strong.”