PENN TRAFFIC REACHES PACT ON FINANCIAL RESTRUCTURING

SYRACUSE, N.Y. -- Penn Traffic Co. here said last week it has reached an agreement in principle on a financial restructuring that it expects to implement through a prenegotiated Chapter 11. ion of senior and subordinated notes and replacing them with new common stock, notes and warrants.The company did not indicate a time frame for filing Chapter 11, noting that the agreement in principle is subject

SYRACUSE, N.Y. -- Penn Traffic Co. here said last week it has reached an agreement in principle on a financial restructuring that it expects to implement through a prenegotiated Chapter 11.

ion of senior and subordinated notes and replacing them with new common stock, notes and warrants.

The company did not indicate a time frame for filing Chapter 11, noting that the agreement in principle is subject to several conditions, including definitive documentation and consummation

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