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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.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
