General Growth Properties Inc., the parent company of Greenwood Mall in Bowling Green, has filed for bankruptcy protection, but the local mall is not part of the filing.

The Chicago-based company filed Chapter 11 bankruptcy Thursday, and about 158 of the company’s shopping centers also filed for bankruptcy protection. Those shopping malls do not include Greenwood Mall, although the Bowling Green mall could file for bankruptcy protection in the future.

“There’s always that potential,” said Heidi Olson, general manager of Greenwood Mall. “But at this time we’re not (filing bankruptcy).”

For now, Greenwood Mall is continuing to operate normally.

“For the most part here it’s business as usual,” Olson said, “and things are going well.”

The company filed for bankruptcy after trying to refinance on its own and negotiating with creditors to get more time to solve its financial woes. However, the company and its creditors could not reach an agreement and General Growth Properties “reluctantly” filed for bankruptcy protection, according to a news release from the company.

The filing represents the largest commercial real estate bankruptcy filing in U.S. history, according to news reports, with the company reporting about $27 billion in debt.

The news has sparked rumors that competitors will be able to purchase some of the company’s shopping centers at a discounted price, although company executives are denying the possibility of such sales.

The company plans to reorganize, and the businesses that were included in the bankruptcy filing should operate as usual during the restructuring process, according to the company.

The bankruptcy filing should not have a major impact on local malls because, even if the company cannot restructure, another company would likely purchase the shopping centers, said Rick Shannon, chairman of the department of marketing and sales at Western Kentucky University.

“Down the road, there might be some changes,” he said. “But I wouldn’t think there would be a major impact. The bankruptcy court could throw out leases and force renegotiations, but I would be real surprised if that happened.”

General Growth Properties has operated since 1954 and owns or manages more than 200 malls in 44 states. It has about 4,200 employees.