CHICAGO — General Growth Properties Inc., the owner of Ala Moana Center and a number of other malls in Hawai'i, said it will consider all offers for the company and may sell shares to the public to raise capital.

The board and management are evaluating options to reduce leverage and also "considering all indications of interest in the company," Chicago-based General Growth said yesterday in a statement.

The nation's second-largest mall owner calls Ala Moana one of its platinum properties with annual sales per square foot of about $1,125. General Growth also owns or operates six other malls in Hawai'i, including Ward Centers.

General Growth, which filed for bankruptcy in April, won permission this week from a bankruptcy judge to restructure about $10.25 billion in debt on some of its properties. The company is trying to restructure $3 billion of additional secured debt, while competitor Simon Property Group Inc., the largest U.S. mall owner, has expressed interest in buying some of General Growth's properties.

"They're going to have their opportunity to step forward," President and Chief Operating Officer Thomas Nolan said of potential bidders in a telephone interview yesterday. "From our standpoint, we acknowledge that. We are looking at as many options as we can, because our ultimate endgame is to maximize our enterprise value for our stakeholders."

Stephen Sterrett, Simon Property's chief financial officer, has said the company remained interested in General Growth after last week announcing its purchase of Prime Outlets Acquisition Co. for $2.33 billion. Les Morris, a spokesman for Simon, said the company isn't commenting further today.

General Growth rose 77 cents, or 8.7 percent, to $9.58 in over-the-counter trading.

"There's a recognition by management that they need to tell people what we should already all know — that these guys are out there," said Rich Moore, managing director with RBC Capital Markets in Solon, Ohio. "I wouldn't put it past them to ignite a little bit a bidding war."

Moore rates Simon Property "top pick" and doesn't have a rating on General Growth shares.

Nolan said today that both Simon and Brookfield Asset Management Inc., a Toronto-based real estate investor, have bought General Growth unsecured debt. The purchases may help Simon and Brookfield should they attempt to buy General Growth.

"We don't have confirmation of how much they own," Nolan said today in an interview with Bloomberg Television. "But we certainly understand that that's occurred," he said of the debt purchases.

General Growth filed the biggest real-estate bankruptcy in U.S. history in April after amassing $27 billion in debt during an acquisition spree. At the time of the bankruptcy, the company said it had around $11.8 billion in debt that had matured or was due by the end of 2012. The company owns or manages more than 200 shopping malls in 44 states and also owns office buildings.

"It's very clear that these assets would perform better in pretty much anyone's hands," said David M. Fick, a Stifel, Nicolaus & Co. managing director who had "hold" ratings on both General Growth and Simon Property. "We think the most natural buyer is Simon."

Sterrett of Indianapolis-based Simon Property said on Dec. 8 that the Prime Outlets purchase "doesn't alter our thinking about General Growth" and that Simon was "still evaluating the situation."

The General Growth Chapter 11 plan approved by U.S. Bankruptcy Judge Allan Gropper extends the company's various loans, making none due before 2014, according to a company statement yesterday.