General Growth Properties, owner of Ala Moana Center and the second-largest U.S. mall owner, filed for Chapter 11 bankruptcy protection Thursday morning in New York.

The Chicago-based company, owner or operator of more than 200 malls in 44 states, had been faced with mounting debt.

"Our core business remains sound and is performing well with stable cash flows," Adam Metz, General Growth's chief executive officer, said in a statement. "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."

The filing is intended to provide protection from creditors and the comapny's malls are expected to remain open. However, industry experts said the company may be at the point where it may be forced to begin selling off properties.

In Hawaii, General Growth owns Ala Moana Center, Ward Centres and Prince Kuhio Plaza in Hilo.