Updated from 2:43 a.m. EDT

General Growth Properties ( GGP), the owner of malls, confirmed it is seeking bankruptcy protection.

In a press release Thursday, General Growth said it and about 158 regional shopping centers it owns and certain other subsidiaries also have filed for protection.

"The company intends to work with its constituencies to emerge from bankruptcy as quickly as possible while executing on a plan of reorganization that preserves the company's integrated, national business operations," General Growth said.

The company said it will continue to explore strategic alternatives and search the markets for available sources of capital while in bankruptcy.

General Growth said Thursday it received a commitment for a debtor-in-possession financing facility of about $375 million from Pershing Square Capital.

General Growth's board decided to file in U.S. Bankruptcy Court in New York on Wednesday after efforts to piece together a plan for an out-of-court restructuring with creditors failed to go anywhere, the Wall Street Journal reported, citing people familiar with the talks. General Growth confirmed the report.

The Journal reports the filing is one of the largest real-estate failures in U.S. history, capping a months-long effort to juggle $27 billion debt the company acquired after making a series of acquisitions.

The filing includes General Growth, its Rouse subsidiary and most of its malls. It doesn't include General Growth's management company or joint-venture holdings. In total, the filing covers roughly $24 billion of debt, the Journal reports, citing those close to the talks.

The Chapter 11 filing might wipe out what remains of the company's stock, but it won't result in mall closures, according to the newspaper. Many analysts think General Growth will survive the bankruptcy intact, but perhaps smaller after selling properties, without resorting to liquidation.

If you liked this article you might like

It's Bizarre That Billionaire Warren Buffett Is Kinda Invested in Dying Sears

Zombieland No More -- These New Retailers Are Invading Dying Malls

ADP Stock Jumps on Report Bill Ackman Is Building Stake

Retail's Downturn Is Hurting Mall Executives' Wallets

America's Shopping Malls Aren't All Dying, They Are Actually Being Reborn