{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-23-292055","form_type":"8-K","ticker":null,"cik":"0000077281","company_name":"PENNSYLVANIA REAL ESTATE INVESTMENT TRUST","filed_at":"2023-12-11T23:59:59+00:00","discovered_at":"2026-05-14T18:03:31.981685+00:00","generated_at":"2026-06-07T15:18:35.041187+00:00","sec_items":["1.01","1.03","2.04","7.01","8.01","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":1.0,"calibrated_materiality_score":1.0,"confidence":"high","headline":"PREIT files prepackaged Chapter 11 with $60M DIP, restructuring plan converts debt to equity","bullets":["Filed voluntary Chapter 11 on Dec 10; RSA with 100% of first- and second-lien lenders; $60M DIP backstopped by second-lien lenders.","Plan: first-lien paid in full; second-lien get 65% of new equity; preferred and common share $10M pool subject to conditions.","Cherry Hill Mall loan extended to Dec 15; Woodland Mall loan reinstated, maturity extended to Jan 24 or DIP order.","Transferred Fashion District Philadelphia ownership to Macerich in exchange for release and indemnification.","CEO and President severance reduced; certain subsidiaries released from guaranties under credit agreements."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-23-292055","json":"https://secwatch.observer/filing/0001193125-23-292055.json","markdown":"https://secwatch.observer/filing/0001193125-23-292055.md","text":"https://secwatch.observer/filing/0001193125-23-292055.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/77281/000119312523292055/0001193125-23-292055-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/77281/000119312523292055/d644338d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-07T15:18:35.041187+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"7c0793635b9853beb0a1128d0991b83f835ea436","claim":"PENNSYLVANIA REAL ESTATE INVESTMENT TRUST reported a default on debt of approximately $868.9 million.","evidence_excerpt":"The filing of the Chapter 11 Cases described above in Item 1.03 and the consummation of the Plan may constitute a default under certain property-level debt facilities (in an aggregate outstanding principal amount of approximately $868.9 million), ground leases, operating leases and other contractual and non-contractual obligations","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/77281/000119312523292055/0001193125-23-292055-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Principal","value":"approximately $868.9 million"},{"label":"Event","value":"default"}],"fact_type":"debt_financing"},{"claim_id":"6fdc9ed0f5e1e91c896e7d6a4b4739424ea7401a","claim":"PENNSYLVANIA REAL ESTATE INVESTMENT TRUST entered chapter 11 in United States Bankruptcy Court (petition 2023-12-10).","evidence_excerpt":"On December 10, 2023, the Debtors voluntarily filed the Chapter 11 Cases in the United States Bankruptcy Court.","evidence_source":"SEC 8-K Item 1.03","evidence_url":"https://www.sec.gov/Archives/edgar/data/77281/000119312523292055/0001193125-23-292055-index.htm","confidence":0.9,"family_label":"Distress & Bankruptcy","details":[{"label":"Proceeding","value":"chapter 11"},{"label":"Court","value":"United States Bankruptcy Court"},{"label":"Petition","value":"2023-12-10"}],"fact_type":"distress_event"},{"claim_id":"74c52596d6037e054717bdf82236e51b5ad1106b","claim":"PENNSYLVANIA REAL ESTATE INVESTMENT TRUST entered into Restructuring Support Agreement with creditors holding 100% of the loans outstanding under the Debtors’ First Lien Credit Agreement and 100% of the loans outstanding under the Debtors’ Second Lien Credit Agreement (effective 2023-12-07).","evidence_excerpt":"On December 7, 2023, Pennsylvania Real Estate Investment Trust (the “Company”) and certain of its direct and indirect subsidiaries (collectively, the “Debtors”) entered into a Restructuring Support Agreement (including all exhibits, annexes and schedules thereto, the “RSA”) with creditors holding 100% of the loans outstanding under the Debtors’ First Lien Credit Agreement (as defined below) (the “Supporting First Lien Lenders”) and 100% of the loans outstanding under the Debtors’ Second Lien Credit Agreement (as defined below) (the “Supporting Second Lien Lenders”, and together with the Supporting First Lien Lenders, the “Supporting Lenders”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/77281/000119312523292055/0001193125-23-292055-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"creditors holding 100% of the loans outstanding under the Debtors’ First Lien Credit Agreement and 100% of the loans outstanding under the Debtors’ Second Lien Credit Agreement"},{"label":"Effective","value":"2023-12-07"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}