The dead line for the General Growth Properties Inc., of Chicago, which runs the Burbank Town Center and Glendale Galleria, was extended until Sept. 15, by a U. S. bankruptcy court judge, this week. Now the under-debt operator has time to finalize its plans.

Stocks boosted this Friday in consequence of the news of the extension and the company’s annual financial results.

Company Spokesman Jim Graham said of General Growth’s stock, which rose 2.3%, to $14.01, “I think that was a sign that we are making progress”.

It owns about 200 regional shopping centers and had total amount of $27 billion in debt, when it got engaged with the bankruptcy proceedings.

Though, the local properties are still not affected by the company’s debt organization. Experts opine that it will come out of the bankruptcy proceedings when a monetary strength is provided by a third party investor, consequently leading to improvement in basic facilities.

Stuart Waldman, President and Chief Executive of the Valley Industry & Commerce Assn. said, “Right now they’re focusing on getting their house in order, and so someone in that situation isn’t looking at upgrading their facilities or bringing in new tenants. They’re looking at surviving. The malls are a key economic indicator. The more people you see at the malls shopping, the better the economy is doing, so I’m hopeful that they start doing really well really soon”.