PENN TRAFFIC REORGANIZES; $1.13 BILLION DEBT ERASED

SYRACUSE, N.Y. -- Penn Traffic Co. here said last week it has emerged from nearly four months under bankruptcy protection and is now operating under a reorganization plan that eliminates its $1.13 billion debt.The company also said it entered into a new $320 million secured credit agreement with a bank group led by Fleet Capital Corp., Boston.Also last week, Penn Traffic's board of directors met and

SYRACUSE, N.Y. -- Penn Traffic Co. here said last week it has emerged from nearly four months under bankruptcy protection and is now operating under a reorganization plan that eliminates its $1.13 billion debt.

The company also said it entered into a new $320 million secured credit agreement with a bank group led by Fleet Capital Corp., Boston.

Also last week, Penn Traffic's board of directors met and elected a new chairman, Peter Zirkow, managing director for investment banki

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