PEI - PREIT gets approval for quicker bankruptcy process

Pennsylvania REIT ([[PEI]] -17.9%) gets court approval for a Nov. 24 hearing to confirm its prepackaged bankruptcy plan and disclosure statement over the objection of a creditor, Bloomberg reports.The motion was approved by Judge Karen B. Owens in a Delaware Court despite the objections by Strategic Value Partners, which wanted more time to prepare for litigation."It is critical that the debtors confirm their plan prior to Thanksgiving, so the debtors’ sole focus is on maximizing their revenues during the holiday season," Pennsylvania REIT said in its filing.PREIT filed for Chapter 11 over the weekend, as did CBL, as its tenants' rent payments dwindled due to the coronavirus pandemic.Previously: CBL & Associates joins PREIT in filing for bankruptcy protection (Nov. 2)

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PREIT gets approval for quicker bankruptcy process