Cairo – Mubasher: Mall owners CBL & Associates and Pennsylvania Real Estate Investment Trust have filed a chapter 11 petition to seek court protection from creditors due to increased pressures on the retail real estate industry amid the coronavirus (COVID-19) pandemic, CNBC reported on Monday.

Pennsylvania Real Estate Investment Trust filed its petition to execute a prepackaged financial restructuring plan to unlock $150 million in new borrowing.

Under the plan, the largest mall owner in Philadelphia, which operates 22.5 million square feet of retail space, will recapitalise the business and extend its debt maturities.

As for the Tennessee-based mall operator, CBL, which operates 107 properties, listed its estimated assets and liabilities in the range of $1 billion to $10 billion.