Rogue Valley Mall Owner Preparing For Massive Bankruptcy

It probably will not affect any Oregon shoppers, but it is a sign of the economic times.

The Chicago-based owner of the Rogue Valley Mall in Medford, the Pioneer Place mall in downtown Portland and others in the state has hired a law firm specializing in bankruptcies this week to help dig itself out from under $27 billion in debt.

General Growth Properties Inc. operates about 200 malls around the country, and is already looking to sell three high-end malls in Las Vegas.

Experts say that if the nation's second-largest mall operator tries to reorganize under a Chapter 11 bankruptcy, shopping centers probably would remain open through the proceedings.

And if malls were sold, they say a change in ownership would be uneventful.

General Growth's financial problems are blamed on aggressive growth through acquisitions and expansions.