PREIT filed Sunday for Chapter 11 protection under a prepackaged financial restructuring plan. The Philadelphia-based company is the first retail REIT to file for bankruptcy since GGP in 2009.
Last month, PREIT entered into a restructuring support agreement with its bank lenders. The banks have committed to provide an additional $150 million to recapitalize the business and extend the company’s debt maturity schedule, while 95% of PREIT’s creditors support the restructuring plan.
“We are grateful for the significant support we have received from a substantial majority of our lenders, which we expect will enable us to complete our financial restructuring on an expedited basis,” said Joseph F. Coradino, CEO of PREIT. “With the overwhelming support of our lenders, we look forward to quickly emerging from this process as a financially stronger company with the resources and support to continue creating diverse, multi-use ecosystems throughout our portfolio.”
Pictured: PREIT’s Moorestown Mall in Moorestown, NJ.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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