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Although General Growth Properties has now been in bankruptcy chapter for almost a full year, they recently asked for and received and extension on their reorganization.

The Associated Press reports New York Bankruptcy Judge Allen Gropper extended the reorganization until July 15th 2010.

General Growth wants to continue to reorganize their loans and debt. So far the company has restructured around $12.1 billion in secured debt.

General Growth Properties owns 200 shopping malls across 44 states. The company chose to file for bankruptcy in April of 2009 after they accrued $27 billion in debt. According to the AP, this was the largest real estate bankruptcy filing in U.S. history to date.

The company started seeing issues when they purchased the property developer Rouse Co. in 2004. Shortly after they purchased the company both the real estate market and consumer spending started to decline.

The company has six property level loans left to restructure, each worth $2.8 million. Property level loans are debt held by the individual unit that owns the property versus the corporate parent.

But General Growth also wants to review any potential buyout offers from competing companies.

The company received and rejected a buyout offer from Simon Property Management. This is the number one mall management property owner in the nation. Simon property offered $10 billion to purchase the company.

But General Growth rejected the buyout plan in hopes to receive a higher bid. Instead the company chose to exit bankruptcy with a Canadian property group, Brookfield Asset Manager Inc.

A few of the company’s unsecured creditors opposed the extension of the bankruptcy reorganization and the Brookfield deal. They claim it benefits the shareholders more than it does the company’s creditors.

The bankruptcy court will continue to review the chapter bankruptcy case to determine whether the company can have exclusive control over its bankruptcy for the next six months.

During the extension the court will take testimonies from creditors who opposed the Brookfield Management deal.

General Growth’s CEO, Adam Metz, told the AP “We’re going to do our best to accomplish what we need to accomplish within the time frame.”

Metz further said they are happy with the judge’s decision and will continue to review bids from other companies to determine who will buy them out.