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12/01/2020

PREIT expects to emerge from Chapter 11 this month

Al Urbanski
Real Estate Editor & Manager
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The grand opening of PREIT and Macerich's Fashion District in Philadelphia in September 2019.

Having had the Bankruptcy Court for the District of Delaware confirm its restructuring plan, PREIT issued an announcement that it expected to emerge from Chapter 11 bankruptcy protection within the next few weeks.

"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.

PREIT will soon have access to $130 million to finance ongoing operations and strategic renovations of its properties. Its debt maturity schedule will also be extended. One of the nation’s largest owner-operators of regional and super-regional malls, PREIT filed for Chapter 11 protection in November seeking $150 million in capitalization.

"I want to thank the entire PREIT team for continuing to perform at the highest level throughout this process during the busiest time of year for our business,” said Coradino. “We look forward to a brighter future for all PREIT stakeholders as we move forward as a financially stronger company."