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Pennsylvania Real Estate Investment Trust (NYSE:PEI) Slashes -3 63%: What Could Be on the Way Going Forward?
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Unlocking Growth Potential In Pennsylvania Real Estate Investment Trust (NYSE:PEI)
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Equity holders preview valuation challenge
Judge OKs bankruptcy loan
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(Reuters) - The judge overseeing Washington Prime Group Incâs bankruptcy said on Monday that evaluating the mall operatorâs assets will be difficult as the lasting effects of the COVID-19 pandemic on real estate remain unclear â an issue that has quickly become central to the mall operatorâs Chapter 11 case.
By Bill Galluccio
Photo: Getty Images
While many of the coronavirus-related emergency measures have been lifted across the country, shopping malls are still struggling despite the increased demand and foot traffic. Washington Prime Group, one of the nation s largest mall owners, filed for chapter 11 bankruptcy, citing the temporary closures and reduction in rent payments from tenants.
Washington Prime Group owns over 100 shopping malls across the United States but has amassed nearly $1 billion in debt.
The company said that it has secured $100 million in new funding that will allow it to operate without interruption during the bankruptcy proceedings. The company s financial restructuring will enable Washington Prime to right-size its balance sheet and position the company for success going forward, said CEO
Pennsylvania Real Estate Investment Trust (NYSE:PEI) Expected To Fall -180 0% To Meet The Consensus Price Target
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