The owner of the Springfield Mall and 20 other malls in nine states filed for bankruptcy, part of a financial restructuring plan, writes Michael Tanenbaum for phillyvoice.com.

The Pennsylvania Real Estate Investment Trust (PREIT) indicated in October that the COVID-19 pandemic had hurt its properties, reporting a net loss of $29 million in the second quarter of 2020.

The bankruptcy filing was the last move after a restructuring proposal failed to receive 100 percent support from PREIT’s lenders.

PREIT properties, including the Springfield Mall, will continue to operate as a restructuring plan is set up.

“Today’s announcement has no impact on our operations – our employees, tenants, vendors and the communities we serve – and we remain committed to continuing to deliver top-tier experiences and improving our portfolio.” Said Joseph F. Caoradino, CEO of PREIT. ”

Coradion said he was grateful for that the ”substantial majority of PREIT’s lenders” are supporting the real estate investment firm’s financial restructuring plan, which should ultimately strengthen the company’s balance sheet and position it for “long=term success through our prepackaged plan.”

Regioanlly, PREIT also owns the Willow Grove Mall, Plymouth Meeting Mall and the Fashion District in Philadelphia.

Read more about the PREIT bankruptcy at phillyvoice.com.

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