Facing a significant debt load of over $1 billion, PREIT has made the decision to file for Chapter 11 bankruptcy protection for the second time in just a little over three years. The regional mall owner took this voluntary step by filing in the U.S. Bankruptcy Court for the District of Delaware, having already established a restructuring agreement with its lenders. Pending court approval, the company aims to transition to private ownership and secure additional funding through an investor consortium.

Simultaneously with the bankruptcy filing, Philadelphia-based PREIT (OTCMKTS: PRET) has consented to relinquish its 50% ownership stake in the Fashion District, previously co-owned with Macerich. Despite retaining joint-ownership, Macerich has functioned as the primary owner and decision-maker for the Center City retail property since late 2020.

*Article courtesy of Philadelphia Business Journal

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