PREIT extends restructuring outside date to April 15, 2024; DIP maturity extended

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

Second Amendment to RSA pushes plan effectiveness milestone from March 13 to April 15, 2024.
Extension allows completion of property-level debt modifications prior to Chapter 11 emergence.
DIP facility scheduled maturity date similarly extended to April 15, 2024 by majority lender consent.
Amendment entered with holders of >50.1% of first lien and >50.1% of second lien loans.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST amended Second Amendment with creditors holding over 50.1% of the loans outstanding under the Debtors' first lien credit agreement and over 50.1% of the loans outstanding under the Debtors' second lien credit agreement (effective 2024-03-13).

Action: amendment
Agreement: credit facility
Counterparty: creditors holding over 50.1% of the loans outstanding under the Debtors' first lien credit agreement and over 50.1% of the loans outstanding under the Debtors' second lien credit agreement
Effective: 2024-03-13

Exact text from the filing

On March 13, 2024, Pennsylvania Real Estate Investment Trust and certain of its direct and indirect subsidiaries (collectively, the “ Debtors ”) entered into the Second Amendment to Restructuring Support Agreement (the “ Second Amendment ”), with creditors holding over 50.1% of the loans outstanding under the Debtors’ first lien credit agreement and over 50.1% of the loans outstanding under the Debtors’ second lien credit agreement (collectively, the “ Amendment Consenting Lenders ”).

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Source: SEC EDGAR

accession 0001193125-24-071267

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