Pennsylvania Real Estate Trust (PEI) has been notified their 3 preferreds are being delisted from the NYSE. They will likely begin trading on the OTC market soon. Shares of the 3 issues have been trading in the $3/share area.
The mall owner has been liquidating properties and thus paying down some debt. Of course the cumulative dividends on the preferreds are not being paid.
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Tim,
While PREIT did file for bankruptcy in 2020, They emerged about a month later.
Can a company still be called ‘bankrupt’ post emergence? Or is it just one of those monikers that’s hard to shake loose? Or, are they, technically, still working through the bankruptcy?
Luckily, I haven’t had a lot of dealings with bankrupt companies, so still figuring out how the process works.
Thanks Mark–I don’t follow these types of company’s much so I will update.