| Item 1.03 | Bankruptcy or Receivership |
As previously disclosed, on December 10, 2023 (the “Petition Date”), Pennsylvania Real Estate Investment Trust (the “Company”) and certain of its direct and indirect subsidiaries (collectively, the “Debtors”) commenced their respective voluntary chapter 11 cases (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). For procedural purposes only, the Debtors are jointly administering the Chapter 11 Cases under the caption “In re Pennsylvania Real Estate Investment Trust, et al.,” Case No. 23-11974 (KBO).
The Debtors continue to operate their businesses and manage their properties as “debtors in possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. To ensure the Debtors’ ability to continue operating in the ordinary course of business and minimize the effect of the Chapter 11 Cases on the Debtors’ customers, vendors, tenants and employees, the Debtors filed with the Bankruptcy Court various motions, seeking a variety of “first-day” relief.
The hearing on the first-day motions took place on December 12, 2023 (the “First Day Hearing”), and the orders granting first-day relief were entered shortly thereafter.
The as-entered orders may be viewed at the Debtors’ claims and noticing website (free of charge) at the following address- https://cases.ra.kroll.com/preit2023. This website contains third-party content and is provided for convenience only. The documents and other information available on this website are not incorporated by reference into, and do not constitute a part of, this Current Report on Form 8-K.
Combined Hearing on Adequacy of the Disclosure Statement and Confirmation of the Plan
On the Petition Date, the Debtors filed the Joint Prepackaged Chapter 11 Plan of Reorganization of Pennsylvania Real Estate Investment Trust and its Debtor-Affiliates (as amended, supplemented or otherwise modified from time to time, the “Plan”) and the Disclosure Statement Relating to the Joint Prepackaged Chapter 11 Plan of Reorganization of Pennsylvania Real Estate Investment Trust and its Debtor-Affiliates (as amended, supplemented or otherwise modified from time to time, the “Disclosure Statement”), in connection with which solicitation of votes from the voting class has commenced prior to the Petition Date, on December 8, 2023.
At the First Day Hearing, the combined hearing on the adequacy of the Disclosure Statement and confirmation of the Plan was scheduled for January 19, 2024, at 10:00 a.m. (Eastern Standard Time) (the “Combined Hearing”). The Combined Hearing may be continued from time to time by the Bankruptcy Court without further notice other than adjournments announced in open court or in the filing of a notice or hearing agenda in the Chapter 11 Cases and notice of such adjourned date(s) will be available on the electronic case filing docket.
As is further reflected in the order, approving, among other things, certain deadlines and procedures in connection with the approval of the Disclosure Statement and confirmation of the Plan (the “Scheduling Order”), furnished as Exhibit 99.1 to this Current Report on Form 8-K, the Bankruptcy Court further ordered that any responses or objections to adequacy of the Disclosure Statement, confirmation of the Plan, or the Debtors’ assumption of executory contracts and unexpired leases under the Plan must:
(1) be in writing;
(2) comply with the Bankruptcy Rules and the Local Rules;
