PENNSYLVANIA REAL ESTATE INVESTMENT TRUST: going-concern / distress — Bankruptcy Court confirms PREIT’s prepackaged Chapter 11 plan; existing equity cancelled

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

Equitization of $727M second lien debt for 65% of new common stock; $10M equity gift to existing holders.
First lien ($420.1M) and DIP ($60M) rolled into $480M exit term loan plus $75M revolver.
All existing preferred and common shares cancelled; PREIT to cease being publicly traded.
New board: Vishal Chanani, Joe Coradino, Eric Hsiao; current officers continue.
Effective date expected on or before February 15, 2024.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2023-12-10).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2023-12-10

Exact text from the filing

filed voluntary petitions (the cases commenced thereby, the “ Chapter 11 Cases ”) under chapter 11 of title 11 of the United States Code (the “ Bankruptcy Code ”) in the United States Bankruptcy Court for the District of Delaware (the “ Bankruptcy Court ”)

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Source: SEC EDGAR

accession 0001193125-24-018164

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