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Gregory FCA is working the bankruptcy filing of the Pennsylvania Real Estate Investment Trust as the Philadelphia mall operator files its second Chapter 11 in the last three years.
The current pre-packaged filing will wipe $880M in debt from PREIT's books, and position it for long-term growth, said CEO Joseph Coradino.
Since the pandemic, PREIT has worked tirelessly to enhance its portfolios, improve occupancy rates and diversify its tenancy but it could not overcome inflation and high interest rates, he added.
Coradino expects a leaner restructured PREIT will emerge from Chapter 11 “as a financially stronger company with the resources and support to continue creating diverse, multi-use property experiences throughout our portfolio.”
Gregory FCA’s Heather Crowell represents PREIT.
FGS Global represents private equity firm Thoma Bravo as it makes a $4.6B bid for Darktrace, a UK-based cybersecurity artificial intelligence firm.
Edelman handles Viking Holdings, the river and ocean luxury cruise line that plans to raise $1B via an IPO priced in the $21 to $25 per share range.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
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