PREIT gets interim access to cash collateral; plan hearing Nov. 24

By Sarah Lizee

Olympia, Wash., Nov. 3 – Pennsylvania Real Estate Investment Trust received interim approval to access the cash collateral of its bridge facility secured parties, according to an interim order filed Tuesday in the U.S. Bankruptcy Court for the District of Delaware.

Absent consent of the bridge facility secured parties, the debtors’ right to use the cash collateral under the interim order will terminate on the earliest of 28 days after the petition date, if the final order has not been entered by then, the effective date of a plan, the date of a sale or other disposition of all of the debtors’ assets, the date of delivery of a default notice or the date of a termination event.

In addition, the court set a combined hearing on approval of the disclosure statement and confirmation of the plan on Nov. 24.

PREIT is a Philadelphia-based real estate investment trust. The company filed Chapter 11 bankruptcy on Nov. 1 under case number 20-12737.

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