PENNSYLVANIA REAL ESTATE INVESTMENT TRUST: going-concern / distress — PREIT emerges from Chapter 11; all existing equity cancelled, holders receive $10M cash

As previously reported in its Current Report on Form 8-K, dated January 23, 2024 (the “ January 8-K ”), on December 10, 2023, Pennsylvania Real Estate Investment Trust (“ PREIT ” or the “ Company ”) and certain of its direct and indirect affiliates (collectively, the “ Company Parties ” and together with PREIT, the “ Debtors ”) filed voluntary petitions (the cases commenced thereby, the “ Chapter 11 Cases ”) under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “ Bankruptcy Court ”) to pursue a joint prepackaged chapter 11 plan as contemplated by the Restructuring Support Agreement, dated December 7, 2023 (as amended from time to time through the date hereof, the “ RSA ”). The Chapter 11 Cases are jointly administered under the caption In re Pennsylvania Real Estate Investment Trust, et al ., Case No. 23-11974.