---
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"
generated_at: "2026-06-07T15:18:35.041187+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# PREIT files prepackaged Chapter 11 with $60M DIP, restructuring plan converts debt to equity

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-292055
- form_type: 8-K
- cik: 0000077281
- company_name: PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
- filed_at: 2023-12-11T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 1.03, 2.04, 7.01, 8.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-292055
- JSON: https://secwatch.observer/filing/0001193125-23-292055.json
- Plain text: https://secwatch.observer/filing/0001193125-23-292055.txt

## Key facts
- Debt Financings
  PENNSYLVANIA REAL ESTATE INVESTMENT TRUST reported a default on debt of approximately $868.9 million.
  - Principal: approximately $868.9 million
  - Event: default
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/77281/000119312523292055/0001193125-23-292055-index.htm
- Distress & Bankruptcy
  PENNSYLVANIA REAL ESTATE INVESTMENT TRUST entered chapter 11 in United States Bankruptcy Court (petition 2023-12-10).
  - Proceeding: chapter 11
  - Court: United States Bankruptcy Court
  - Petition: 2023-12-10
  source text: On December 10, 2023, the Debtors voluntarily filed the Chapter 11 Cases in the United States Bankruptcy Court.
  evidence_url: https://www.sec.gov/Archives/edgar/data/77281/000119312523292055/0001193125-23-292055-index.htm
- Material Agreements
  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).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: 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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/77281/000119312523292055/0001193125-23-292055-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.