Pennsylvania Real Estate Investment Trust

Case No. 20-12737


Case Background

On November 1, 2020, PREIT (NYSE: PEI), a leading operator of diverse retail and experiential destinations, announced it has taken the next step to execute its prepackaged financial restructuring plan (the “Prepackaged Plan”) under which the Company will be recapitalized and its debt maturities extended. The Debtors have requested that their cases be jointly administered under Case No. 20-12737.

As previously announced on October 14, 2020, PREIT entered into a Restructuring Support Agreement (the “RSA”) with more than 80% of its bank lenders. Subsequent to executing the RSA, PREIT solicited acceptances of its Prepackaged Plan, which received overwhelming support from 95% of its creditors. The banks have committed to provide an additional $150 million to recapitalize the business and extend the Company’s debt maturity schedule, supporting PREIT’s operations and the continued execution of its strategic priorities. Consistent with the terms of the RSA, PREIT has filed a voluntary Chapter 11 petition in the United States Bankruptcy Court for the District of Delaware to implement its Prepackaged Plan. The filing will ensure that PREIT can continue all business operations without interruption while it obtains necessary approvals of its financial restructuring plan.

As part of the Chapter 11 filing, the Company has filed a number of customary motions with the Court to authorize the Company to pay certain pre-petition obligations. Among other things, these motions seek authorization for PREIT to continue to operate in the normal course of business without interruption to its relationships with its vendors, suppliers and other trade creditors and business partners, among others. Importantly, there will be no changes to our existing contracts and we intend to pay vendors and partners in full for goods and services provided to PREIT.

The financial restructuring is also not expected to have any impact on the Company’s shareholders and PREIT common and preferred stock will continue to trade in the normal course. We expect to complete the Chapter 11 process expeditiously and it will have no impact on our stakeholders, all of whom are unimpaired:

• Employees
• Shareholders
• Suppliers and other trade creditors
• Business partners
• Vendors
• Tenants

FAQs for vendors / tenants / suppliers can be found in the below link:

FAQs

 

Important Information & Dates

First Day Hearing

A hearing on the Debtors' First Day Motions was held on November 3, 2020 at 11:00 a.m. (EST) A final hearing on the Debtors' First Day Motions and Orders will be held on November 24, 2020 at 1:00 p.m. (EST). Please click below to view and download the Debtors' First Day Motions:

First Day Motions

First Day Orders

Plan & Disclosure Statement

On November 1, 2020, the Debtors filed their Plan of Reorganization and the Disclosure Statement related thereto. A combined hearing to consider the adequacy of the Disclosure Statement, confirmation of the Plan and an objections to any of the foregoing, and any other matter that may properly come before the Court, will be held on November 30, 2020 at 2:00 p.m. (ET) Please click below to view and download the Plan and Disclosure Statement:

Plan & Disclosure Statement


Parties

Debtors' Counsel

  • DLA Piper LLP (Delaware)

    1201 N. Market Street
    Suite 2100
    Wilmington, DE   19801
    https://www.dlapiper.com/en/us/
    Phone: (302) 468-5700
    Fax: (302) 394-2341

    R. Craig Martin, Esq.
    Stuart M. Brown, Esq.
    Aaron Applebaum, Esq.

  • DLA Piper LLP (Chicago)

    444 West Lake Street
    Suite 900
    Chicago, IL   60606
    https://www.dlapiper.com/en/us/
    Phone: (312) 368-4000
    Fax: (312) 236-7516

    Richard A. Chesley, Esq.
    Daniel M. Simon, Esq.
    Oksana Koltko Rosaluk, Esq.
    David E. Avraham, Esq.
    Tara Nair, Esq.

United States Trustee and Court Information

Debtors

Case Number Debtor Name Petition Date
Case Number 20-12737 Debtor Name Pennsylvania Real Estate Investment Trust Petition Date November 01, 2020
Case Number 20-12761 Debtor Name Bala Cynwyd Associates, L.P. Petition Date November 01, 2020
Case Number 20-12791 Debtor Name Moorestown Mall LLC Petition Date November 01, 2020
Case Number 20-12769 Debtor Name Plymouth Ground Associates LLC Petition Date November 01, 2020
Case Number 20-12771 Debtor Name Plymouth Ground Associates, LP Petition Date November 01, 2020
Case Number 20-12775 Debtor Name PR AEKI Plymouth LLC Petition Date November 01, 2020
Case Number 20-12777 Debtor Name PR AEKI Plymouth, L.P. Petition Date November 01, 2020
Case Number 20-12796 Debtor Name PR BVM LLC Petition Date November 01, 2020
Case Number 20-12776 Debtor Name PR Capital City Limited Partnership Petition Date November 01, 2020
Case Number 20-12774 Debtor Name PR Capital City LLC Petition Date November 01, 2020
Case Number 20-12778 Debtor Name PR CC I LLC Petition Date November 01, 2020
Case Number 20-12772 Debtor Name PR CC II LLC Petition Date November 01, 2020
Case Number 20-12781 Debtor Name PR CC Limited Partnership Petition Date November 01, 2020
Case Number 20-12759 Debtor Name PR Cherry Hill Office GP, LLC Petition Date November 01, 2020
Case Number 20-12744 Debtor Name PR Cumberland Outparcel LLC Petition Date November 01, 2020
Case Number 20-12762 Debtor Name PR Exton Limited Partnership Petition Date November 01, 2020
Case Number 20-12756 Debtor Name PR Exton LLC Petition Date November 01, 2020
Case Number 20-12755 Debtor Name PR Exton Outparcel GP, LLC Petition Date November 01, 2020
Case Number 20-12758 Debtor Name PR Exton Outparcel Holdings, LP Petition Date November 01, 2020
Case Number 20-12760 Debtor Name PR Exton Outparcel Limited Partnership Petition Date November 01, 2020
Case Number 20-12773 Debtor Name PR Exton Square Property L.P. Petition Date November 01, 2020
Case Number 20-12739 Debtor Name PR Fin Delaware, LLC Petition Date November 01, 2020
Case Number 20-12757 Debtor Name PR Financing I LLC Petition Date November 01, 2020
Case Number 20-12754 Debtor Name PR Financing II LLC Petition Date November 01, 2020
Case Number 20-12770 Debtor Name PR Financing Limited Partnership Petition Date November 01, 2020
Case Number 20-12749 Debtor Name PR Gainesville Limited Partnership Petition Date November 01, 2020
Case Number 20-12779 Debtor Name PR Gainesville LLC Petition Date November 01, 2020
Case Number 20-12742 Debtor Name PR GV LLC Petition Date November 01, 2020
Case Number 20-12747 Debtor Name PR GV LP Petition Date November 01, 2020
Case Number 20-12784 Debtor Name PR Hyattsville LLC Petition Date November 01, 2020
Case Number 20-12768 Debtor Name PR Jacksonville Limited Partnership Petition Date November 01, 2020
Case Number 20-12765 Debtor Name PR Jacksonville LLC Petition Date November 01, 2020
Case Number 20-12763 Debtor Name PR JK LLC Petition Date November 01, 2020
Case Number 20-12753 Debtor Name PR Magnolia LLC Petition Date November 01, 2020
Case Number 20-12803 Debtor Name PR Monroe Old Trail Holdings, L.P. Petition Date November 01, 2020
Case Number 20-12802 Debtor Name PR Monroe Old Trail Holdings, LLC Petition Date November 01, 2020
Case Number 20-12801 Debtor Name PR Monroe Old Trail Limited Partnership Petition Date November 01, 2020
Case Number 20-12800 Debtor Name PR Monroe Old Trail, LLC Petition Date November 01, 2020
Case Number 20-12743 Debtor Name PR Moorestown Anchor-L&T, LLC Petition Date November 01, 2020
Case Number 20-12792 Debtor Name PR Moorestown Anchor-M LLC Petition Date November 01, 2020
Case Number 20-12790 Debtor Name PR Moorestown Limited Partnership Petition Date November 01, 2020
Case Number 20-12786 Debtor Name PR Moorestown LLC Petition Date November 01, 2020
Case Number 20-12787 Debtor Name PR Plymouth Anchor-M, L.P. Petition Date November 01, 2020
Case Number 20-12785 Debtor Name PR Plymouth Anchor-M, LLC Petition Date November 01, 2020
Case Number 20-12795 Debtor Name PR Plymouth Meeting Associates PC LP Petition Date November 01, 2020
Case Number 20-12783 Debtor Name PR Plymouth Meeting Limited Partnership Petition Date November 01, 2020
Case Number 20-12780 Debtor Name PR Plymouth Meeting LLC Petition Date November 01, 2020
Case Number 20-12793 Debtor Name PR PM PC Associates LLC Petition Date November 01, 2020
Case Number 20-12794 Debtor Name PR PM PC Associates LP Petition Date November 01, 2020
Case Number 20-12782 Debtor Name PR Prince George's Plaza LLC Petition Date November 01, 2020
Case Number 20-12741 Debtor Name PR Springfield Town Center LLC Petition Date November 01, 2020
Case Number 20-12799 Debtor Name PR Sunrise Outparcel 2, LLC Petition Date November 01, 2020
Case Number 20-12750 Debtor Name PR Swedes Square LLC Petition Date November 01, 2020
Case Number 20-12746 Debtor Name PR TP LLC Petition Date November 01, 2020
Case Number 20-12751 Debtor Name PR TP LP Petition Date November 01, 2020
Case Number 20-12789 Debtor Name PR Valley Anchor-M, L.P. Petition Date November 01, 2020
Case Number 20-12748 Debtor Name PR Valley Anchor-S, LLC Petition Date November 01, 2020
Case Number 20-12788 Debtor Name PR Valley Anchor-M, LLC Petition Date November 01, 2020
Case Number 20-12766 Debtor Name PR Valley Limited Partnership Petition Date November 01, 2020
Case Number 20-12764 Debtor Name PR Valley LLC Petition Date November 01, 2020
Case Number 20-12797 Debtor Name PR Valley Solar LLC Petition Date November 01, 2020
Case Number 20-12804 Debtor Name PR Valley View Anchor-M Limited Partnership Petition Date November 01, 2020
Case Number 20-12752 Debtor Name PR Valley View Anchor-M, LLC Petition Date November 01, 2020
Case Number 20-12740 Debtor Name PR Valley View OP-DSG/CEC, LLC Petition Date November 01, 2020
Case Number 20-12745 Debtor Name PR Woodland Anchor-S, LLC Petition Date November 01, 2020
Case Number 20-12736 Debtor Name PREIT Associates, L.P. Petition Date November 01, 2020
Case Number 20-12798 Debtor Name PREIT-RUBIN OP, Inc. Petition Date November 01, 2020
Case Number 20-12738 Debtor Name PREIT-RUBIN, Inc. Petition Date November 01, 2020
Case Number 20-12767 Debtor Name XGP LLC Petition Date November 01, 2020