PREIT successfully emerges from bankruptcy protection for the second time since 2020 and undergoes a transition to private ownership. The Philadelphia-based company confronted over $1 billion in looming debt when it filed for bankruptcy in December.

Nonetheless, through a pre-packaged reorganization plan, the debt has been eliminated, accompanied by the establishment of a new ownership framework and a one-time payout to shareholders. Redwood Capital Management and Nut Tree Capital Management, based in New York, are the primary investors spearheading PREIT’s new ownership structure.

*Article courtesy of Philadelphia Business Journal

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