PREIT, co-owner of Lehigh Valley Mall in Whitehall Township and the largest mall owner in Philadelphia, on Sunday filed for Chapter 11 bankruptcy protection with a ready-to-go plan to bolster its financial flexibility and restructure its debt.
PREIT had hoped to avoid a bankruptcy filing and reorganize out of court, which would have required the support of 100% of its bank lenders on a financial restructuring agreement announced Oct. 14. The company said 95% of its creditors support the plan, which will now be implemented through the bankruptcy process.
The prepackaged plan, PREIT said, should expedite the restructuring and allow it to quickly emerge from bankruptcy. Under the agreement, PREIT plans to put up 12 …
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