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”
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World news – IN – Mall Operator PREIT Files for Chapter 11 Protection
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SOURCE: https://www.w24news.com
