Mall Owner PREIT Prepares for Second Bankruptcy, Seeks Funding

Pennsylvania Real Estate Investment Trust is preparing to go bankrupt for the second time since 2020 and is seeking funding for the process, according to people with knowledge of the matter.

The shopping mall owner may seek Chapter 11 protection in the near term, said the people, who asked not to be named because the matter is private. Advisers have been sounding out investor interest in providing fresh financing to PREIT as part of the bankruptcy, they said.

A representative for PREIT declined to comment.

PREIT last went bankrupt in November 2020 and emerged about a month later with ...