General Growth Properties plans to emerge from bankruptcy without selling its best-performing shopping malls after reaching agreement with lenders, a strategy that may thwart the acquisition ambitions of competitor Simon Property Group Inc.

'I would not be surprised to see the odd sale of an asset, but it won’t be to raise substantial capital,' General Growth President and chief operating officer Thomas Nolan said yesterday in a telephone interview. 'We have no current plans to sell any of those assets we consider to be strategically important.'

General Growth, the second-largest U.S. mall owner, this week filed a reorganisation plan for about $9.7 billion of mortgages secured by 92 regional shopping centers, community retail centers and office buildings. Under the plan, all claims would be paid in full, and loan-maturity dates would be extended by an average of 5.2 years.