Pennsylvania R.E.I.T. (PRETQ)

[scott456108]

It's a good company, it was way undervalued, should do well this year.

[Valuetrader]

Great call here on $PEI. I'm just riding my freebies now.

[Enterprising Investor]

It looks my common position will be a little smaller next week after the Jan $1 calls get exercised.

[scott456108]

Shorts are getting squeezed.

[Enterprising Investor]

PREIT Regains Compliance with NYSE Continued Listing Standards (1/05/21)

HILADELPHIA, Jan. 5, 2021 /PRNewswire/ -- PREIT (NYSE: PEI), a leading operator of diverse retail and experiential destinations, today announced that it received written notification from the New York Stock Exchange (the "NYSE") that it has regained compliance with the NYSE continued listing standards.

"We are pleased to have regained compliance with all NYSE listing requirements," said Joseph F. Coradino, CEO of PREIT. "We remain focused on execution of our strategic plan to strengthen the Company and create value by re-establishing our portfolio as multi-use destinations."

As previously disclosed, on September 25, 2020, the Company received formal notice from the NYSE that it was not in compliance with the NYSE's continued listing standards as a result of the average closing price of the Company's common shares being less than $1.00 per share over a consecutive 30 trading-day period.

The Company regained compliance after its closing share price on December 31, 2020 and its average closing share price for the 30 trading-day period ended December 31, 2020 both exceeded $1.00. Accordingly, the Company has resumed compliance under the NYSE continued listing standards.

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. Additional information is available at www.preit.com or on Twitter or LinkedIn.

https://www.prnewswire.com/news-releases/preit-regains-compliance-with-nyse-continued-listing-standards-301201387.html

[SayIt]

Tax loss selling over and we stayed over a dollar, so expect a rise next week.

[pappi]

How prescient! I see a C11 document popped on resolution. Monday should be interesting....

-p

[Enterprising Investor]

Don’t expect any wide swings until the last hour of trading today.

[scott456108]

I am expecting a big bump early next year after tax selling, but I would say smart money will not be selling and shorts may bet squeezed if the institutions take note of it. I am holding some Jan 15 calls, so I hope it happens fast, but if I have enough money I will exercise them. Because this appears to be a very well run company.

[Valuetrader]

Loaded a few more $PEI today at 1.02. This should climb back up to at least 3.00 at some point next year IMO.

[scott456108]

Probably an ok entry point imho, I am expecting a nice jump after tax selling at the end of year. I think we will have lots of buyers early next year as a value play, and maybe some short squeezing.

[pappi]

Nice to see it out of C11. Nice to see a vaccination cleared. Nice to see SCOTUS resolve the election politics (whichever side one might be on). All of this bodes well for PEI.

[Valuetrader]

Great news! I took a starter here at 1.12.

[Enterprising Investor]

PREIT Successfully Completes Financial Restructuring (12/11/20)

- New Capital Strengthens Balance Sheet and Extended Maturity Schedule Increases Financial Flexibility

- All Properties Are Open, Serving Consumers, and Ready for the Holiday Season

PHILADELPHIA, Dec. 11, 2020 /PRNewswire/ -- PREIT (NYSE: PEI), a leading operator of diverse retail and experiential destinations, today announced it has successfully completed its financial restructuring and emerged from Chapter 11 following an expedited process.

Consistent with previous announcements, PREIT now has access to up to $130 million of new capital to support its operations and continue advancing its strategic priorities. In addition to recapitalizing its business, PREIT's debt maturity schedule has been extended, providing the Company with enhanced financial flexibility.

Throughout the restructuring process, PREIT has continued operations as usual and met all obligations to tenants, suppliers and the communities in which it operates. In addition, suppliers and other trade creditors and business partners were unimpaired, and all suppliers and employees have been, and will continue to be, paid in full. The Company's common stock will continue to trade on the New York Stock Exchange (NYSE) under the same ticker symbol PEI. Moving forward, PREIT will continue to offer distinctive retail and experiential destinations as it moves to transform its portfolio of bullseye locations in high barrier-to-entry markets into multi-use sustainable districts incorporating an array of new uses, while prioritizing the health and safety of its employees, partners, customers and communities.

"We have significantly strengthened the Company thanks to the overwhelming support of our financial stakeholders, as well as our employees, customers, communities and business partners," said Joseph F. Coradino, CEO of PREIT. "Having quickly and efficiently completed our financial restructuring, PREIT is now a more resilient company with additional resources and financial flexibility to continue delivering terrific experiences for consumers and outstanding service for our retail partners. PREIT has a history of being a first-mover in adapting to new trends in retail and will continue to stay ahead of the emerging concepts and uses across our portfolio."

Coradino continued, "On behalf of all of us at PREIT, I thank our tenants, suppliers, and other business partners for their support throughout this process. I am also deeply grateful to our dedicated employees for their hard work and unwavering commitment to working safely, delivering great experiences and executing our winning strategy."

DLA Piper LLP (US) LLP, Faegre, Drinker, Biddle & Reath LLP and Wachtell, Lipton, Rosen & Katz are serving as legal counsel and PJT Partners LP is serving as financial advisor to PREIT.

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.

https://www.prnewswire.com/news-releases/preit-successfully-completes-financial-restructuring-301190970.html

[Enterprising Investor]

Effective Date has occurred (12/10/20)

3. Effective Date. On December 10, 2020 (the “Effective Date”), each of the conditions precedent to consummation of the Plan enumerated in Section 8.2 of the Plan were satisfied or waived in accordance with the Plan and the Confirmation Order, and the Effective Date of the Plan occurred.

https://cases.primeclerk.com/preit/Home-DownloadPDF?id1=MTc2NzE0MA==&id2=0

[scott456108]

Thank you sir, I did not know short inerest only came out mid month. What do you expect the stock price to do over the next 2 months. Premarket trading always seems to move the price up, I wonder if that has anything with people covering short positions, then settles back down.

[Enterprising Investor]

Pennsylvania Real Estate Investment Trust (PEI)

Short Interest Ratio (Days To Cover): 4.3

Short Percent of Float: 20.30 %

Short Interest (Shares Short): 13,290,000

Short Interest (Shares Short) - Prior: 16,400,000

Short Interest is reported mid-month.

The most recent data is 11/15/20.

[scott456108]

I am not that sophisticated with options, buy calls if I think a stock will go up. Don't mess with shorting in options or stocks. It sounds like you have a good plan though, got any price target before my options expire on Jan 15, is 2 possible? Do you know the short position or how I can find that current info for free. I usually seems like it is not real current when I find it.

[Enterprising Investor]

Expect the common stock price to pop again once the Plan is effective.

If I’m correct, I plan to write calls against a long position to lock in my profits and generate income over time as old contracts expire and new ones are written.

[Enterprising Investor]

The Debtors expect that the effective date of the Plan (as defined in the Plan, the “Effective Date”) will occur as soon as all conditions precedent to the Plan have been satisfied and on a date selected in consultation with the Requisite Consenting Lenders and Requisite Consenting Bridge Lenders. Although the Debtors are targeting occurrence of the Effective Date on or before December 6, 2020, the Debtors can make no assurances as to when, or ultimately if, the Plan will become effective. It is also possible that further technical amendments could be made to the Plan.

https://www.sec.gov/ix?doc=/Archives/edgar/data/77281/000119312520310736/d50993d8k.htm

[scott456108]

I wouldn't trust Senator Warren unless I was Native American LOL, I have some options on PEI going higher. Not sure about the current short position, but some of this is short covering, but there may be more squeeze left in that.I was really happy to see my calls get in the money, but like you not sure if I should hold til closer to expiration or take the profit now.

[SSTChicago]

Indeed

[Enterprising Investor]

PREIT's Prepackaged Financial Restructuring Plan Confirmed By Court

- Company Expects to Emerge from Chapter 11 in early December with Strengthened Balance Sheet and Enhanced Financial Flexibility (11/30/20)

- All Stakeholders to be Unimpaired and All Claims to be Paid in Full

- With holiday season in full swing, All PREIT Business Operations Continue Without Interruption

PHILADELPHIA, Nov. 30, 2020 /PRNewswire/ -- PREIT (NYSE: PEI), a leading operator of diverse retail and experiential destinations, today announced that the United States Bankruptcy Court for the District of Delaware (the "Court") has confirmed its prepackaged financial restructuring plan (the "Prepackaged Plan"). PREIT expects to complete its financial restructuring and successfully emerge from Chapter 11 in early December.

Upon emergence, PREIT will have access to $130 million of new financing to support its operations and the continued execution of its strategic priorities. In addition to recapitalizing the Company, PREIT's debt maturity schedule will be extended. The Company will be well-positioned to continue offering compelling retail and experiential destinations while prioritizing the health and safety of its employees, partners, customers and communities.

"We look forward to emerging from this process as a stronger, more innovative platform for our business partners," said Joseph F. Coradino, CEO of PREIT. "We were able to reach this outcome on an expedited basis thanks to the overwhelming support of our lenders, as well as the continued support of our employees, customers, tenants and vendors. We will remain focused on operating safely, responsibly and efficiently while maintaining a strong balance sheet."

Coradino continued, "I want to thank the entire PREIT team for continuing to perform at the highest level throughout this process during the busiest time of year for our business. We are proud that we have continued to deliver terrific experiences in the communities in which we operate and outstanding service for our retail partners throughout our financial restructuring process and the ongoing COVID-19 pandemic. PREIT properties play an essential role in the economy of the communities in which we operate, creating jobs, preserving tax revenue and ensuring the vitality of key focal points. We look forward to a brighter future for all PREIT stakeholders as we move forward as a financially stronger company."

Additional information, including court documents and information about the court-supervised process, is available on PREIT's restructuring website through PREIT's claims agent, Prime Clerk at https://cases.primeclerk.com/PREIT.

DLA Piper LLP (US) LLP and Wachtell, Lipton, Rosen & Katz are serving as legal counsel and PJT Partners LP is serving as financial advisor to PREIT.

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. Additional information is available at www.preit.com or on Twitter or LinkedIn.

https://www.prnewswire.com/news-releases/preits-prepackaged-financial-restructuring-plan-confirmed-by-court-301181888.html

[ClayTrader]

* * $PEI Video Chart 11-24-2020 * *

Link to Video - click here to watch the technical chart video

[pappi]

Golly, EI, I'm the only common shareholder here watching serial 40% gain days go by. Pretty lonely. May have to come to a decision on doubling - sell half to recover cost shares, or let it ride. Set up a GTC order or trust contrarian instinct.

Maybe Senator Warren has a view?

-p

[pappi]

Yep. Success seems to be a function of a decent reorg plan, a certain amount of time, and prospects for the ongoing concern. See this paper on C11 topic, note the first author....caught me by surprise

we'll see. The upside survival prospect is what contrarians look for, I suppose.

-p

https://repository.law.umich.edu/cgi/viewcontent.cgi?article=1349&context=mlr#:~:text=Almost%20half%20the%20unsuccessful%20cases,seventy%20percent%20of%20the%20time.

[Enterprising Investor]

It is very rare when equity remains intact in a Chapter 11 case.

EI

[pappi]

Hey Enterpriser:
Thanks for the posts. I presume you're reporting good news, although I note you're preferred protected way more than this common shareholder.

up 45% yestday, 35% at the moment today. Nice.

Holding long term, although I'd sell cost shares at some point. After being underwater by half or more, kinda cool to be up 50% on cost in two days.

best,
- p

[Enterprising Investor]

HEARING RESCHEDULED. Notice of Agenda of Matters Scheduled for Hearing. Hearing Originally Scheduled for 11/24/2020 has been rescheduled. Filed by Pennsylvania Real Estate Investment Trust. Hearing scheduled for 11/30/2020 at 02:00 PM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #2, Wilmington, Delaware (11/23/20)

Source: Prime Clerk [Docket 191]

[Enterprising Investor]

Stipulation Between Pennsylvania Real Estate Investment Trust and Stipulation Among Debtors, Wells Fargo Bank, National Association, and Certain Affiliates of Strategic Value Partners Regarding Matters to Be Resolved Pursuant to Rule 9019 of the Federal Rules of Bankruptcy Procedure (11/19/20)

All Parties shall affirmatively support confirmation of the Plan on 11/24/20.

PREIT to pay SVP’s professional (i.e., legal and financial advisor) fees related to negotiations and litigation, capped at
$1.2 million.

Source: Prime Clerk [Docket 155]

[Enterprising Investor]

I’m a preferred stock investor at lower prices.

[pappi]

Anyone else at IH enjoying this? Started buying monthly back in March, out of pure contrarian due diligence entertainment value. Went acps + about 10am, rather much sooner than I thought it would go.

Up 42% of the day at 1.30pm EST.

kowabunga.
-P

[CyrusDaVirus]

Gonna close at .57 marknit

[Michael TRed]

If they bankrupt, the creditors get nothing. Restructuring is what happening

[Enterprising Investor]

Plan is confirmable.

Under section 1126(c) of the Bankruptcy Code, an entire class of claims is deemed to accept a plan if the plan is accepted by creditors that hold at least two-thirds in amount and more than one-half in number of the allowed claims in the class.

[Enterprising Investor]

Mall Owner Pennsylvania REIT Approved for Faster Bankruptcy (11/03/20)

BY ALLISON MCNEELY

Pennsylvania Real Estate Investment Trust, owner of 26 retail properties concentrated in the mid-Atlantic region, prevailed over a creditor objection to approve its bankruptcy plan and disclosure statement ahead of the critical holiday shopping season.

- The mall operator’s motion to schedule a combined hearing on Nov. 24 to confirm its prepackaged bankruptcy plan and disclosure statement was approved by Judge Karen B. Owens in a Delaware court hearing Tuesday

- “It is critical that the debtors confirm their plan prior to Thanksgiving, so the debtors’ sole focus is on maximizing their revenues during the holiday season,” Pennsylvania REIT said in its filing

- The U.S. Trustee and dissenting creditor Strategic Value Partners LLC objected to the motion, with counsel for SVP arguing that the prepackaged plan is unconfirmable and creditors need time to prepare for litigation

- Note: Pennsylvania REIT secured 95% lender support for its restructuring plan, with SVP, which holds about 5% of the debt, refusing to sign onto the plan before it filed for Chapter 11, according to a company filing

- Consenting lenders are “setting themselves up for Chapter 22,” Andrew Glenn of Kasowitz Benson Torres, counsel for SVP, said in the hearing. “This plan is really an extend-and-pretend deal”

- The restructuring agreement is based on the assumption that the company’s financial performance will remain steady through 2023, which is not realistic given the current retail environment, Glenn said

- PREIT also received court approval for a series of first-day motions that will allow it to continue operating while in bankruptcy, including the right to pay employee wages and access its cash management system

- The case is Pennsylvania Real Estate Investment Trust, 20-12737, U.S. Bankruptcy Court, District of Delaware

https://www.bloomberglaw.com/product/health/document/X7HOG6JS000000?resource_id=6900b4d95607a94805fff2e952e1c8f8

[pappi]

And what was that all about at end of day, yesterday?? Quite a pop on volume just prior to close.

-p

[Enterprising Investor]

Strategic Value Partners owns 5% of PREIT's debt and is against the pre-packaged Chapter 11 plan.

[Enterprising Investor]

The Artificial Bankruptcy Of Pennsylvania REIT (11/13/20)

https://seekingalpha.com/article/4388491-artificial-bankruptcy-of-pennsylvaniareit

Note: I am not the author.

[Enterprising Investor]

PREIT Commences Process to Implement Prepackaged Plan to Strengthen the Business and Enhance Financial Flexibility (11/01/20)

- Files Voluntary Petitions for Reorganization Under Chapter 11

- Prepackaged Plan Approved by 95% of Voting Lenders

- Operations Continuing as Normal; Court-Supervised Process Expected to Have No Impact on Stakeholders

- All Stakeholders Expected to Be Unimpaired and All Claims Paid in Full

PHILADELPHIA, Nov. 1, 2020 /PRNewswire/ -- PREIT (NYSE: PEI), a leading operator of diverse retail and experiential destinations, today announced it has taken the next step to execute its prepackaged financial restructuring plan (the "Prepackaged Plan") under which the Company will be recapitalized and its debt maturities extended. Consistent with the Company's previously announced Restructuring Support Agreement (the "RSA"), PREIT has filed a voluntary Chapter 11 petition in the United States Bankruptcy Court for the District of Delaware to implement its Prepackaged Plan.

As previously announced on October 14, 2020, PREIT entered into the RSA with its bank lenders. The banks have committed to provide an additional $150 million to recapitalize the business and extend the Company's debt maturity schedule, supporting PREIT's operations and the continued execution of its strategic priorities. Subsequent to executing the RSA, PREIT solicited acceptances of its Prepackaged Plan, which received overwhelming support from 95% of its creditors.

The filing will ensure that PREIT can continue all business operations without interruption while it obtains necessary approvals of its financial restructuring plan. The Company's primary focus remains creating compelling retail and experiential destinations while prioritizing the health and safety of its employees, partners, customers and communities.

"We are pleased to be moving forward with strengthening the Company's balance sheet and positioning it for long-term success through our prepackaged plan. We are grateful for the significant support we have received from a substantial majority of our lenders, which we expect will enable us to complete our financial restructuring on an expedited basis," said Joseph F. Coradino, CEO of PREIT. "Today's announcement has no impact on our operations – our employees, tenants, vendors and the communities we serve –and we remain committed to continuing to deliver top-tier experiences and improving our portfolio. With the overwhelming support of our lenders, we look forward to quickly emerging from this process as a financially stronger company with the resources and support to continue creating diverse, multi-use ecosystems throughout our portfolio."

Not only will PREIT pay all vendors, suppliers and employees during the course of the Chapter 11, but pursuant to the terms of the Prepackaged Plan, which will also be subject to court approval, the prepetition claims of suppliers and other trade creditors and business partners will be unimpaired. The financial restructuring is not expected to have any impact on the Company's shareholders, and PREIT common and preferred shares are expected to continue to trade in the normal course.

PREIT has filed a number of customary first day motions with the court to support its operations during the court-supervised process, including the continued payment of employee wages and benefits without interruption. The Company expects to receive court approval for these requests.

Additional information, including court documents and information about the court-supervised process, is available on PREIT's restructuring website through PREIT's claims agent, Prime Clerk at https://cases.primeclerk.com/PREIT.

DLA Piper LLP (US) LLP and Wachtell, Lipton, Rosen & Katz are serving as legal counsel and PJT Partners LP is serving as financial advisor to PREIT.

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. Additional information is available at www.preit.com or on Twitter or LinkedIn.

https://www.prnewswire.com/news-releases/preit-commences-process-to-implement-prepackaged-plan-to-strengthen-the-business-and-enhance-financial-flexibility-301164450.html

[richrichrich]

I'm not sure what you are reading, about the current chapter 11 request. I see it as shareholders will lose all. All that can be hoped for, is a minuscule brief rise in PPS, to allow me to sell my shares at one tenth of the price I paid for them originally.....
The other thing we might see, is the chance to join a class action lawsuit, and recover some tiny amount of money, far in the future.....

JMO

[pappi]

Where is everybody? They've redone their finances without loss to common shares, the election is over (for the most part), the Fed holds fast, and a vaccine is on the horizon. What's not to love with suffering mall properties on the upside?

-p

[richrichrich]

Stupid swines.....News is out, about their choice to claim bankruptcy.
If they had just taken a large "hit", by announcing a one or two cent freaking dividend, they would have seen large scale interest in the stock, and a risen PPS helping with compliance and market rules(over a buck).

Stupid swines......

[roger wilco]

With Covid-19 still looming Real estate Investment Trusts are still affected. Now is a good time to load up on shares and wait till the market normalizes again.

[inventor1]

I think this is a good entry point ;) .

[scott456108]

I am surprised it is not doing better with the great news. Their creditors know it is a well run company with good assets.

[roger wilco]

PEI one of the few solidly in the green this am.

[scott456108]

good move after hours

[Michael TRed]

About to pop to a buck

[scott456108]

I took a flyer on some calls for January. There is a pretty large short position in this stock, today seems like there might be a little squeeze going on.