The Pennsylvania Real Estate Investment Trust has filed for Chapter 11 bankruptcy, the second time it has taken this step since the pandemic in 2020.

The REIT owns several malls in the Philadelphia region that will stay open as the company works to restructure itself and reduce its debt load by about $880 million. It also said that only “first lien lenders,” who have priority, will be paid back in full.

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Erika Morphy

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