PENN TRAFFIC MULLS OVER ASSET SALES

SYRACUSE, N.Y. -- Penn Traffic here said last week it is considering selling 21 company-owned stores and all five of its distribution centers to a real-estate company, then leasing them back to provide funding for various corporate needs.The company also said it was expecting approval last week from the U.S. Bankruptcy Court for the Southern District of New York on its request to extend the deadline

SYRACUSE, N.Y. -- Penn Traffic here said last week it is considering selling 21 company-owned stores and all five of its distribution centers to a real-estate company, then leasing them back to provide funding for various corporate needs.

The company also said it was expecting approval last week from the U.S. Bankruptcy Court for the Southern District of New York on its request to extend the deadline for filing its plan of reorganization from July 28 until Sept. 26 -- the fourth time

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