PREIT, the owner of the Springfield Mall and other malls in the region, emerged from bankruptcy protection Monday for the second time since 2020.

The publicly-traded company will now be private and under new ownership, writes Paul Schwedelson for Philadelphia Business Journal.

The changes will not affect day-to-day mall operations.

PREIT’s chairman and CEO, Joseph Coradino stepped down, effective immediately.

Coradino, 72, has been PREIT’s CEO since 2012 and has been with the company more than 40 years.  He’s been board chairman since 2017.

He is being replaced by Jaed Chupaila, CEO of Brookfield Properties’ retail real estate arm.

Coradino will continue at PREIT as a consultant.

A reorganization plan wipes out more than $1 billion in debt and puts in a new ownership structure, with a one-time payment to shareholders of $10 million, split based on number of shares owned.

In November 2020, PREIT filed for bankruptcy protection and successfully emerged a month later. It filed again in December.

“We are pleased to be moving forward with strengthening the company’s balance sheet and positioning it for long-term success through this prepackaged plan,” PREIT CEO Joseph Coradino said back in December.

Read more about the PREIT restructuring in the Philadelphia Business Journal.