A U.S. bankruptcy judge has consented to a plan by General Growth Properties Inc. to restructure nearly $10.25 billion in debt secured by some of its properties, Bloomberg reported.

General Growth, the second-largest U.S. mall owner, said that U.S. Bankruptcy Judge Allan Gropper yesterday approved the Chapter 11 plan, extending the company’s various loans.

The agreement covers 103 properties and 87 loan agreements. Under the plan, none will be due before 2014.

“Confirmation of these plans of reorganization is a monumental step towards completion of General Growth Properties’ overall corporate restructuring,” said Thomas Nolan Jr., the Chicago-based company’s president and CEO.

In April, General Growth filed the largest real estate bankruptcy in U.S. history after accumulating $27 billion in debt. The company at that time had about $11.8 billion in debt that had matured or was set to mature by the end of 2012.

General Growth owns or manages more than 200 shopping malls in 44 states, including Jordan Creek Town Center in West Des Moines.

The majority of secured lenders who agreed to the plan are expected to keep interest rates at pre-default levels, stretch out the loan maturities and waive fees and the right to hasten debt.

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