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.