After a seven-month effort to refinance its huge debt load, General Growth Properties Inc., owner of Jordan Creek Town Center, has filed for bankruptcy protection. According to Bloomberg, it is the biggest real estate bankruptcy filing in U.S. history, with debts of about $27.3 billion and assets of $29.5 billion.

The filing under Chapter 11 of the U.S. Bankruptcy Code will allow the company to operate its more than 200 properties while restructuring. A firm controlled by hedge fund manager William Ackman will provide $375 million to help the company continue operations during the process. General Growth expects to file a reorganization plan by the end of the year.

Much of the company’s problems relate to its $11.3 billion acquisition of commercial-property developer Rouse Co. in 2004, followed by a credit crunch and U.S. recession that has cut retail spending and property values and made it difficult for the Chicago-based company to refinance its debt.

Eurohypo AG, a unit of Commerzbank AG, is listed as the largest unsecured creditor with claims of $2.59 billion under two loans. General Growth also owes $4 billion to noteholders.

Rouse and 165 units were included in the filling, but several properties that are part of joint ventures weren’t included. The company has hired Marcia Goldstein of Weil Gotshal & Manges LLP and James Sprayregen of Kirkland & Ellis LLP to represent it in bankruptcy, as well as turnaround firm AlixPartners LLP and investment bank Miller Buckfire & Co.

General Growth was founded in 1954 when brothers Matthew and Martin Bucksbaum built the Town and Country Center in Cedar Rapids, one of the first regional shopping malls in the Midwest. Last October, the reins of the company were turned over to Adam Metz, who replaced John Bucksbaum, Matthew’s son, as CEO. John Bucksbaum remains chairman of the board.