Greenwood Mall won’t be affected by its parent company’s bankruptcy filing.

General Growth Properties, Greenwood Mall’s Chicago-based parent company, filed chapter 11 bankruptcy last week, according to a press release from the company.

The company filed for bankruptcy because it needs to refinance debt, according to the press release.

About 158 of 200 GGP shopping centers also filed chapter 11 bankruptcy, according to the press release.

Greenwood Mall isn’t bankrupt, General Manager Heidi Olson said.

“As far as Greenwood Mall is affected, it’s business as usual,” she said.

Olson said she couldn’t comment further on the financial state of Greenwood Mall.

Finance Professor Indu Chhachhi said companies file for chapter 11 bankruptcy when they don’t have money to pay off debts.

Chapter 11 is the most common form of bankruptcy, Chhachhi said.

After filing, the company has protection from having to pay debt for a period of time, he said.

The company uses the time to re-negotiate debt payment with the firm that they owe, Chhachhi said.

For example, the two parties and a bankruptcy judge can decide to extend loans, decrease payments or lower interest rates, he said.

Chhachhi said companies that file chapter 11 bankruptcy usually continue normal business.

“Bankruptcy doesn’t mean companies won’t function,” Chhachhi said. “Most keep functioning and come out the other end.”

He said companies such as Delta Air Lines filed for bankruptcy in the past and are now doing fine.

Customers of the malls that filed bankruptcy won’t see a difference in services, according to the release.

All of GGP’s malls are still in business, said Lesley Cheers, director of corporate communications for GGP, in an e-mail.

GGP also owns Florence Mall in Florence, Mall St. Matthews in Louisville and Northgate Mall in Chattanooga, Tenn.

Mall St. Matthews and Northgate Mall have filed for bankruptcy, according to the GGP Web site.