PREIT has emerged from its latest bankruptcy, which it declared in December, and will transition from a publicly traded mall owner to a private company.
As part of the reorganization plan, the company reduced its total debt by about $835M, with property-level mortgage debt unaffected by the restructuring.
Redwood Capital Management and Nut Tree Capital Management, both based in New York, led the group of investors that will form its new ownership, under which PREIT will no longer report results to the Securities and Exchange Commission. The investors provided $135M in debtor-in-possession and exit financing for PREIT.
The company’s common and preferred stock, including $384M in…