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Could PREIT Be Next Mall Operator to File Chapter 11?

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PREIT could be the next mall operator to file Chapter 11 if it can't effect an out-of-court restructuring agreement with its lenders.
The Moorestown Mall parking lot, a PREIT holding, is empty after malls and other nonessential retail businesses were ordered closed due to the coronavirus pandemic in Moorestown, N.J., on Tuesday, March 24, 2020.
CREDIT: Tim Tai/The Philadelphia Inquirer via AP

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The Pennsylvania Real Estate Investment Trust has entered into a support agreement with certain lenders that contemplates an out-of-court financial restructuring, one that might still require a Chapter 11 filing for bankruptcy court protection. The agreement was inked on Oct. 7, according to a regulatory filing by PREIT last week with the Securities and Exchange…

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