Penn. REIT (PEI) files for Chapter 11 bankruptcy protection.

Pennsylvania REIT (P-REIT or PEI) announced today that is has filed a voluntary Chapter 11 petition that will allow it to implement a negotiated recapitalization plan with its bank lenders. Under the terms of the agreement, the bank group would make available an additional $150 million of funds and also extend PEI's debt maturity schedule.  The company said that the restructuring plan would not have any impact on PEI's shareholders, and that "common and preferred shares are expected to continue to trade in the normal course."

Founded in 1960, Pennsylvania Real Estate Investment Trust (P-REIT or PEI) is an owner of regional mall properties located in the Eastern U.S., with concentrations in the Philadelphia and Washington, D.C. metro regions. The company's current portfolio includes 26 properties with an aggregate 20.3 million sf of GLA.