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South Florida

General Growth files for bankruptcy

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Bayside Marketplace owner General Growth Properties, the second-largest mall owner in the U.S., filed for bankruptcy protection in Manhattan’s U.S. Bankruptcy Court today, the biggest real estate failure in U.S. history. General Growth filed for Chapter 11 bankruptcy for the company and for 158 of its malls. The Chicago-based company has $29.56 billion in assets and $27.29 billion in debt, and it hopes to restructure that debt and reorganize the company. General Growth had already put several of its properties up for sale before the bankruptcy filing.