PENN TRAFFIC TO SELL ITS WAREHOUSES IN REORGANIZATION

SYRACUSE, N.Y. -- Penn Traffic has agreed to sell all five of its warehouses and then lease them back in a transaction that will give the retailer-distributor based here $37 million that it will use to reduce debt and emerge from bankruptcy protection.The announcement came as Penn Traffic filed a plan of reorganization with U.S. Bankruptcy Court of the Southern District of New York. That filing was

SYRACUSE, N.Y. -- Penn Traffic has agreed to sell all five of its warehouses and then lease them back in a transaction that will give the retailer-distributor based here $37 million that it will use to reduce debt and emerge from bankruptcy protection.

The announcement came as Penn Traffic filed a plan of reorganization with U.S. Bankruptcy Court of the Southern District of New York. That filing was delayed multiple times as the company sought to finalize a plan to sell various assets

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