Bloomberg is reporting that Pennsylvania Real Estate Investment Trust (PREIT) is preparing to file for bankruptcy for the second time since 2020. The shopping mall owner is said to be seeking funding to support the Chapter 11 bankruptcy process. According to sources familiar with the matter, PREIT may file for Chapter 11 protection in the near term.
Advisers working with PREIT have reportedly been gauging investor interest in providing fresh financing as part of the bankruptcy proceedings. It's worth noting that this information is from anonymous sources and has not been officially confirmed. A representative for PREIT has declined to comment on the matter.
PREIT previously filed for bankruptcy in November 2020 and successfully emerged from the process about a month later. At time of writing, PREIT's stock is down 6.79% priced at .23 per share.
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