18 November, 2009
UPDATE 1-Penn Traffic files for bankruptcy, to sell stores
* Files for Chapter 11 protection
* To sell stores and other assets
Nov 18 (Reuters) - Regional supermarket operator Penn Traffic Co (PTFC.PK) filed for bankruptcy in a Delaware court on Wednesday and said it was looking to sell its stores and other assets while under Chapter 11 protection.
In a statement, the company said it expects to present this arrangement for court approval at a hearing anticipated for Nov. 19.
The Syracuse, New York-based company operates supermarkets in Upstate New York, Pennsylvania, Vermont and New Hampshire under the P&C Foods, Bi-Lo Foods and Quality Markets names.
Penn Traffic listed assets of $150.4 million and debt of $136.9 million in court papers.
The case is In re: The Penn Traffic Co, U.S. Bankruptcy Court, District of Delaware (Delaware), No. 09-14078-PJW. (Reporting by Santosh Nadgir in Bangalore; Editing by Maju Samuel)
Source: http://www.reuters.com
UPDATE 1-Penn Traffic files for bankruptcy, to sell stores Added: (18.11.2009)
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