General Growth Properties, the country's 2nd biggest mall operator, filed for Chapter 11 bankruptcy in a New York court today. Bloomberg News called the filing the "biggest real estate bankruptcy in U.S. history after amassing $27 billion in debt." Dealbook explains that GGP "has been severely wounded by the recession, which has wreaked havoc upon the retailers who inhabit its more than 200 malls in 44 states. Many stores have shuttered, depriving mall operators like General Growth of revenue." The company, which points out some subsidiaries aren't part of the bankruptcy filing, will spend the time to restructure its debt and points out on its website, "Our properties will continue to operate, our employees will continue to come to work and get paid, and shoppers will continue to shop." Last December, GGP considered selling the South Street Seaport, if there was interest.