General Growth Properties Properties Inc., one of the nation's largest shopping center operators and owner of Ala Moana Center and the Ward Centers, filed for bankruptcy protection early this morning in New York.

The Chicago-based company filed for Chapter 11 bankruptcy protection in a Manhattan court and listed $29.5 billion in total assets and $27.3 billion in debts, making it one of the largest bankruptcies in U.S. history. For months, General Growth Properties had been negotiating with its creditors to develop a solution to its credit woes, but failed to reach an agreement.

Despite the bankruptcy filing, the company said in a press release that operations at its 200 shopping malls will continue as usual.

In addition to Ala Moana and the Ward Centers, General Growth also manages Windward Mall on O'ahu, Queen Ka'ahumanu Center and Whalers Village on Maui, and the Kings' Shop and Prince Kuhio Plaza on the Big Island. The company also was chosen to manage the Kapolei Commons, a retail complex in West O'ahu.

General Growth said in its press release that the Chapter 11 filing was done "reluctantly," but said it was necessary to seek protection to allow operations to continue.

"Our core business remains sound and is performing well with stable cash flows. We believe that Chapter 11 is the best process for restructuring maturing mortgage loans, reducing the company's corporate debt, and establishing a sustainable, long-term capital structure for the company," Adam Metz, chief executive officer, said in a statement issued late last night.

"While we have worked tirelessly in the past several months to address our maturing debts, the collapse of the credit markets has made it impossible for us to refinance maturing debt outside of Chapter 11."

Shares in General Growth Properties, which closed yesterday at $1.05, have fallen 97 percent over the past 12 months.

The company also announced that it has secured a commitment of $375 million in bankruptcy financing from Pershing Square Capital Management, the hedge fund that owns more than 25 percent of the company through its holdings of shares and swap contracts. This must be approved by a bankruptcy judge.