Bankrupt mall operator becomes interest rate cautionary tale
A Philadelphia-based mall owner's 2020 bankruptcy deal was supposed to provide a bridge to better times. But then the Federal Reserve started raising interest rates.Driving the news: Pennsylvania Real Estate Investment Trust, or PREIT, filed for Chapter 11 bankruptcy late Sunday. The filing is effectively a "Chapter 22" — industry slang for a repeat filer.Why it matters: The…
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