PREIT, the owner of malls including the Plymouth Meeting Mall, announced on November 30th that the United States Bankruptcy Court for the District of Delaware confirmed its prepackaged financial restructuring plan. PREIT expects to complete its financial restructuring and successfully emerge from Chapter 11 in early December.
From the announcement:
Upon emergence, PREIT will have access to $130 million of new financing to support its operations and the continued execution of its strategic priorities. In addition to recapitalizing the Company, PREIT’s debt maturity schedule will be extended. The Company will be well-positioned to continue offering compelling retail and experiential destinations while prioritizing the health and safety of its employees, partners, customers and communities.
“We look forward to emerging from this process as a stronger, more innovative platform for our business partners,” said Joseph F. Coradino, CEO of PREIT. “We were able to reach this outcome on an expedited basis thanks to the overwhelming support of our lenders, as well as the continued support of our employees, customers, tenants and vendors. We will remain focused on operating safely, responsibly and efficiently while maintaining a strong balance sheet.”