Troubled-Debt Group Drops Objection to PREIT Restructuring, Opening Mall Owner’s Path from Bankruptcy

November 30, 2020 – Media Mention
The Philadelphia Inquirer

Stephen Selbst, partner and co-chair of Herrick's Finance Litigation & Restructuring Department, was quoted in The Philadelphia Inquirer discussing issues surrounding Strategic Value Partners’ (SVP) decision not to oppose mall owner PREIT’s plan to restructure its debt burden. In doing so, SVP, an investment firm that specializes in distressed debt, allows PREIT’s plan to proceed which will free up as much as $150 million in new borrowing by PREIT and also give PREIT more time to pay back existing loans. In response to SVP’s decision, Stephen Selbst said, "With SVP now dropping its objection, however, there appear to be no impediments to its court approval."