A Pennsylvania mall operator on Tuesday obtained court approval to move ahead with a speedy reorganization process in Chapter 11 despite concerns from one creditor that the company will eventually wind up back in bankruptcy.
During a telephonic and video hearing on Tuesday, U.S. Bankruptcy Judge Karen Owens approved Pennsylvania Real Estate Investment Trust’s motion to hold its plan confirmation hearing on Nov. 24, just a few weeks after it filed for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. Under the proposed plan, which extends the maturities of, but does not eliminate, the company’s debt, lenders will provide $150 million to recapitalize the business.
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