U.S. mall owner General Growth Properties Inc., which is struggling to avoid filing for bankruptcy protection, Monday said a plan to defray payment on five series of bonds failed to secure sufficient bondholder support, sending its stock down as much as 10 percent.

The second largest U.S. mall owner said that after two extensions it still had not garnered enough support from holders of $2.25 billion of bonds of Rouse Cos., the developer General Growth bought in 2004.

The company is already in default of several mortgage loans and has failed to pay 3.625 percent Rouse notes at maturity on March 15. The default triggered cross-defaults on other General Growth debt.

Shares of General Growth, which have lost more than 98 percent of their value since the start of 2008, were down 7.6 percent at 61 cents per share, after having fallen as low as 57 cents a share in earlier trading Monday on the New York Stock Exchange.