General Growth Properties, which owns several malls in the Baltimore region, on Friday said it refinanced about $896 million in debt, to avoid going into default and possibly bankruptcy — for now.

The Chicago-based owner of The Mall in Columbia, Harborplace and the Gallery and Towson Town Center, said the refinanced loans were used to retire a $58 million bond issued by The Rouse Co. set to mature on Dec. 11, and refinance $814 million in mortgage debt scheduled to mature in 2009.