secwatch.observer — SEC 8-K summary
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Issuer:     PENNSYLVANIA REAL ESTATE INVESTMENT TRUST (—)
CIK:        0000077281
Form:       8-K
Filed at:   2024-01-29T23:59:59+00:00
Accession:  0001193125-24-018164
Event type: other_material
Sentiment:  negative
Materiality: 1.00
Item codes: 1.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Bankruptcy Court confirms PREIT’s prepackaged Chapter 11 plan; existing equity cancelled
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/77281/000119312524018164/0001193125-24-018164-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/77281/000119312524018164/d756272d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-018164

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