Philadelphia-based PREIT, owner of the Springfield Mall, could be heading for another bankruptcy filing just under a month before its credit facilities with a $1.1 billion balance are set to mature, writes Paul Schwedelson for the Philadelphia Business Journal.

The publicly traded real estate investment trust posted a net loss of nearly $64 million in the third quarter, which only added to its already precarious financial position.

PREIT has been in talks with a lender group about a possible debt restructuring, but it declined to share additional details after the release of its quarterly earnings report earlier this week.

“We understand this could lead to speculation and while we aren’t at liberty to share any additional details than that which has been disclosed to this point, we can state that our discussions with our lenders are in furtherance of a strong and sustainable PREIT,” said company spokesperson Heather Crowell.

To shore up cash, PREIT has sold assets generating over $30 million since the start of 2023, including the Whole Foods site in Plymouth Meeting for $27 million.

The company also considered selling both the Plymouth Meeting and Exton Square malls.

Read more about Springfield Mall-owner PREIT in the Philadelphia Business Journal.

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