(AP) — Mall owner General Growth Properties Inc., whose holds include Park City Center, said this week that it filed a proposed reorganization plan with a federal bankruptcy court and expects to emerge from Chapter 11 protection this fall as two separate companies.

The real estate investment trust filed the nation's largest real estate bankruptcy case in U.S. history 15 months ago. At the time, it owned about 200 shopping malls, including Faneuil Hall in Boston, the Glendale Galleria in Southern California and the South Street Seaport in Manhattan.

On Tuesday, the Chicago company said it expects to emerge in October with a "significantly improved balance sheet and substantially less debt." So far, General Growth says it has restructured about $15 billion in project-level debt. It plans to satisfy debt and other claims in full and provide a "substantial recovery" to shareholders. It also plans to have between $7 billion and $8.5 billion of new funds.

When it exits Chapter 11 protection, shareholders will own stock in both General Growth and the newly formed Spinco.

General Growth expects to come out of bankruptcy court with 180 properties, making it the second-largest shopping mall owner behind rival Simon Property Group Inc., which decided this spring not to acquire the struggling company. General Growth earlier this week agreed to turn over management responsibility for 18 malls in 11 states to Jones Lang LaSalle.

Spinco will manage a diverse group of properties with little debt that have development potential. Its holdings also include the company's master-planned communities and mixed-use development projects.

A judge is expected to begin considering the plan in mid-August.