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.
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.