PREIT, an operator of diverse retail and experiential destinations, entered into an amendment with its lenders that grants an extension of time to achieve the terms of debt restructuring provided under its restructuring support agreement to achieve an out-of-court restructuring.

PJT Partners is serving as financial advisor.

“PREIT continues to work constructively with its lenders and the extension provides more time to continue ongoing discussions. We are encouraged by the progress made to date and are hopeful that the company can move forward to implement its previously announced restructuring agreement out of court. Under the terms of the proposed agreement, PREIT would secure additional financial flexibility to continue competing effectively, meeting our obligations, and providing our tenants, customers and communities with the high-quality experience they expect at our properties,” Joseph F. Coradino, chairman and CEO of PREIT, said.

DLA Piper and Wachtell, Lipton, Rosen & Katz are serving as legal counsel to PREIT.