Mall Investor PREIT Files Second Bankruptcy in Three Years (1)

Pennsylvania Real Estate Investment Trust, a publicly traded owner of shopping malls in the eastern US, went bankrupt for the second time in three years with plans to slash its debt by $880 million.

The Philadelphia-based company listed assets of at least $100 million and liabilities of more than $1 billion in a Chapter 11 petition filed in Delaware. The filing protects the company from creditors while it seeks court approval of a plan to repay them.

The mall owner entered bankruptcy with a restructuring plan backed by its lenders, according to a statement Monday. The proposal calls for ...