PENN TRAFFIC SEEKS DIP FINANCING, EYES FILING CHAPTER 11 BANKRUPTCY

SYRACUSE, N.Y. -- Penn Traffic Co. here said last week it is considering filing Chapter 11 bankruptcy if it can secure appropriate debtor-in-possession financing -- its second bankruptcy in four years if it decides to file.

The company said it is negotiating a DIP financing arrangement that would enable it to fund continuing operations. It also said it is "considering all strategic alternatives," including Chapter 11, and even if it is able to secure the DIP financing,

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