The shares of struggling mall operator General Growth Properties, Inc. (GGP: sentiment, chart, options) are down sharply this morning, following a report in The Wall Street Journal that the company is seeking a deadline extension on 2 loans. GGP asked its lenders to push back the deadline on its $2.6 billion credit line to March 15 from Jan. 30, and requested an extension from Feb. 12 to March 15 on its $900 million mortgage for 2 Las Vegas malls.

In total, GGP is struggling with a debt load of $22 billion that comes due over the next 4 years. The company has already put 6 malls and shopping complexes up for sale in order to generate cash. Today, the list of properties for sale grew longer when GGP decided to unload its Providence Place Mall in Providence, Rhode Island.

"This is a super-regional mall -- one of the top 50 in the U.S. -- and is packed with a who's who of the strongest U.S. retailers," said Gerard Mason of Savills New York, the firm serving as GGP's adviser. Providence Place features anchor stores Nordstrom (JWN), Macy's (M), and J.C. Penney (JCP), and Mason reported that the site has already generated plenty of interest from potential buyers.

At last check, GGP was down 5.5% at $1.38. The stock has given up more than 95% of its value in the past 52 weeks.