GGP, Foothills Mall file Chapter 11

FORT COLLINS – The owner of the Foothills Mall filed for bankruptcy Thursday, ending months of speculation regarding the company’s ability to manage its debt.

Chicago-based General Growth Properties Inc. filed for Chapter 11 protection in U.S. Bankruptcy Court New York Southern District. Foothills and about 158 other shopping centers and other subsidiaries owned by the company also filed for Chapter 11. The filings will eventually be consolidated into one case.

GGP is claiming $27.3 billion in debts and $29.6 billion in assets. The single largest unsecured claim is for $1.987 billion by German property financier Eurohypo AG. Other large unsecured…