About 40 days after it filed for chapter 11 protection, Lehigh Valley Mall co-owner PREIT has completed its financial restructuring and emerged from bankruptcy, the Allentown, Pa., Morning Call reported. PREIT, the largest mall owner in Philadelphia, filed for chapter 11 on Nov. 1 with a pre-packaged plan to bolster its financial flexibility and restructure its debt, after the coronavirus pandemic wreaked havoc on the brick-and-mortar retail world. Following the expedited process, PREIT said Friday it now has access to up to $130 million of new capital to support its operations. The company’s debt maturity schedule also has been extended.
