PREIT Exits Bankruptcy Protection, Poised to Transition into Private Ownership

PREIT emerges from bankruptcy protection, set to go private

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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