New York based General growth properties inc has requested from the New York bankruptcy court for extension of its Chapter 11 filing by 4 months. It has plans for filing its Chapter 11 reorganization plans by July 9^th but still needs a little more time for applying for such a plan.

The Chapter 11 exclusivity is going to expire on July 15^th of 2010 and before that it needs to file for chapter 11 reorganization plan and set its debts right. It wants its exclusivity period to be extended till Dec 16^th for it to properly file for a reorganization plan. The company want it to study all possible financing commitments and follow its integral CGP;s strategy that will help its value to increase when it emerges from Bankruptcy.

General growth properties Inc has seen many takeover bids last month but has rejected most of them in favor of a merger with Brookfield Asses Management which is based in Toronto. General growth properties inc has 200 malls is around 43 states of which include the third largest shopping mall in Charlotte region. It is to be seen if the decision is taken in favor of the company by the Bankruptcy court.

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