The company now has access to up to $130M of new capital to support its operations and continue advancing its strategic priorities.
PREIT owns and operates over 22.5 million square feet of retail space in the Eastern half of the United States. Throughout the restructuring process, PREIT has continued operations as usual and met all obligations to tenants, suppliers and the communities in which it operates. In addition, suppliers and other trade creditors and business partners were unimpaired, and all suppliers and employees have been, and will continue to be, paid in full.
“We have significantly strengthened the Company thanks to the overwhelming support of our financial stakeholders, as well as our employees, customers, communities and business partners,” said Joseph F. Coradino, CEO of PREIT.
“Having quickly and efficiently completed our financial restructuring, PREIT is now a more resilient company with additional resources and financial flexibility to continue delivering terrific experiences for consumers and outstanding service for our retail partners. PREIT has a history of being a first-mover in adapting to new trends in retail and will continue to stay ahead of the emerging concepts and uses across our portfolio.”
All of the company’s properties are now open, serving customers and are ready for the Holiday Season.
