Shares of General Growth Properties Inc., the shopping mall firm whose properties include Ala Moana Center and Ward Centers, rose 35 percent in New York trading on speculation that debt holders won't force the shopping-mall owner into bankruptcy soon.

"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," Rich Moore, an analyst with RBC Capital Markets, told Bloomberg.

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, Bloomberg reported.

General Growth rose 25 cents to 97 cents in New York Stock Exchange composite trading.