PEI - PREIT files for Chapter 11; shareholders said not affected

Pennsylvania Real Estate Investment Trust (PEI) says it filed for Chapter 11 bankruptcy protection to implement a prepackaged financial restructuring plan that received support from 95% of creditors.PREIT says the restructuring will have no impact on its shareholders, and common and preferred shares are expected to continue to trade in the normal course.Last month, PREIT entered a restructuring support agreement with bank lenders that committed an additional $150M to recapitalize the business and extend its debt maturity schedule.

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PREIT files for Chapter 11; shareholders said not affected