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PEI - PREIT stock rises 2.6% ahead of hearing on restructuring plan
Pennsylvania Real Estate Investment Trust
Pennsylvania REIT (PEI) stock gains 2.6% in premarket trading as the REIT is set to seek court approval for its debt restructuring plan today.Earlier this month, distressed debt firm Strategic Value Partners dropped its objection to PEI's restructuring plan.The plan would free up as much as $150M in borrowing by PEI and gives the REIT more time to pay back existing loans.Originally the hearing for court approval was set for Nov. 24, but was postponed so paperwork could be completed.