General Growth bankruptcy looks less likely

General Growth Properties Inc. rose as much as 89 percent in New York trading on speculation that debt holders won't force the shopping-mall owner into bankruptcy soon, said Rich Moore, an analyst with RBC Capital Markets.

"There seems to be talk that the number of holders of bonds trying to force bankruptcy wouldn't be as high as you'd expect," Moore, an RBC managing director in Solon, Ohio, said in an interview. He has an "outperform" rating on Chicago- based General Growth's shares.

General Growth, which has said repeatedly it may have to file for bankruptcy protection, said on March 30 that a deadline for bondholders to agree to new terms for $2.25 billion in debt expired without the minimum number of holders accepting the agreement. The company said on March 30 it's continuing to talk with debt holders.

The company said today in a statement that "it is not aware of any corporate developments that might explain the unusual market activity."

General Growth rose 34 cents, or 47 percent, to $1.06 as of 2:44 p.m. in New York Stock Exchange composite trading. The shares traded as high as $1.36 earlier this afternoon. They have plunged 97 percent in the past year.

David Keating, a spokesman for General Growth, didn't immediately return a telephone call seeking comment.