Philadelphia's Fashion district, co-developed by PREIT and Macerich, was one of very few new regional malls opened in the past five years.
PREIT, which last year opened Fashion District in Philadelphia, one of the few new regional malls to be opened in the United States in recent years, has finished restructuring with its final lender and exited Chapter 11.
"We are now a more resilient company with additional resources and financial flexibility to continue delivering terrific experiences for consumers and outstanding service for our retail partners,” said CEO Joseph Coradino.
PREIT emerges with $130 million in new capital it intends to use in continuing the renovation of its 19-mall portfolio. The company reported that, throughout its restructuring process, it carried on operations and met all obligations to tenants, suppliers, and the communities in which it operates.
“PREIT has a history of being a first-mover in adapting to new trends in retail and will continue to stay ahead of the emerging concepts,” Coradino said. “I am deeply grateful to our dedicated employees for their hard work and unwavering commitment to working safely and delivering great experiences.”