The US Bankruptcy Court approved the modified combined plan of reorganization and disclosure statement of Pennsylvania Real Estate Investment Trust on January 23, 2024. The debtor has filed its amended plan in the Court on January 16, 2024. As per the amended plan, administrative expense claims, statutory fees, professional fee claims, priority tax claims and other priority claims will be paid full in cash.

DIP claims shall receive TL Exit Facility Loans on a Pro Rata basis and in an amount equal to 101% of such Holder?s respective Allowed DIP Claims. Other Secured Claims and Property-Level Debt Guaranty Claims shall be reinstated. Prepetition First Lien Claim of $420.1 million shall either receive TL Exit Facility Loans in an amount equal to 101% of such Holder?s allowed Prepetition First Lien Claims or receive payment in cash. Prepetition Second Lien Claims of $727.0 million with estimated recovery of 41% shall receive its Pro Rata share of 65% of the New Common Stock and the option to participate as an Exit Facility Backstop Party on the terms and subject to the conditions set forth in the Exit Facility Backstop Agreement.

General unsecured claims will be paid in full in cash. Intercompany claims and intercompany interests shall be reinstated. Existing Preferred Equity Interests hall be canceled, released and extinguished and each of the Holders thereof shall receive its Pro Rata share of the Equity Distribution being allocated to Holders of Existing Preferred Equity Interests.

Existing Common Equity Interests, Existing PREIT Associates LP Interests and Section 510(b) Claims shall be extinguished and canceled without any distribution. The plan shall be funded through Cash on hand, New Common Stock, proceeds from the TL Exit Facility and proceeds from the Revolving Exit Facility.