General Growth Properties Inc. on Thursday filed the largest real estate Chapter 11 bankruptcy in history, listing debts of $27.3 billion.

Based in Chicago, General Growth owns three of the largest shopping centers in Los Angeles County: Northridge Fashion Center, Glendale Galleria and Fallbrook Center. The company plans to continue operation of all its properties while it sorts out its debt load.

An acquisition spree fueled by debt set the stage for the bankruptcy. In 2004, General Growth purchased competitor Rouse Co. for $11.3 billion. The international credit crisis has prevented General Growth from re-financing the debt associated with the Rouse deal.

“Our core business remains sound and is performing well with stable cash flows,” said Adam Metz, chief executive of the company, 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.”

In mid-morning trading on the New York Stock Exchange, General Growth was selling for $1.05 per share. One year ago it traded in the $40 range. In February, its value hovered around 50 cents.

General Growth is the second largest mall operator in the nation under Simon Property Group with about 200 million square feet of retail space.