PREIT Files For Bankruptcy
(RTTNews) - PREIT (PEI), an operator of diverse retail and experiential destinations, said that it has filed a voluntary Chapter 11 petition in the United States Bankruptcy Court for the District of Delaware to implement its Prepackaged Plan.
PREIT entered into the Restructuring Support Agreement with its bank lenders. The banks have committed to provide an additional $150 million to recapitalize the business and extend the company's debt maturity schedule, supporting PREIT's operations and the continued execution of its strategic priorities.
The prepackaged plan was approved by 95% of voting lenders, the company said.
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