NEW YORK — Mall owner General Growth Properties Inc. won preliminary court approval of the outline of its plan to restructure $9.7 billion of mortgage debt owed on 92 shopping centers and office buildings, including Ala Moana Center.

U.S. Bankruptcy Judge Allan Gropper in New York set a Dec. 15 hearing to rule on whether the plan, which would pay all claims in full, should be confirmed. Most secured lenders agreed to maintain pre-default interest rates, extend maturity dates of their loans for 5.2 years, and waive fees and the right to accelerate debt.
The company owns or manages more than 200 shopping malls in 44 states and also owns office buildings. Ala Moana Center, one of the properties covered by the restructuring plan, has annual sales per square foot of about $1,125, making it one of General Growth’s best- performing malls, according to estimates by real estate research company Green Street Advisors in Newport Beach, California.