Penn Traffic Names Restructuring Officer After Loan Default

Penn Traffic said it entered into a forbearance agreement with its lenders after committing what it termed as a "technical default" on its loans.

SYRACUSE, N.Y. — Penn Traffic here on Wednesday said it entered into a forbearance agreement with its lenders after committing what it termed as a "technical default" on its loans. The retailer also engaged a crisis management firm, Conway Del Genio Gries & Co., and installed a representative of that firm, Ronald F. Stengel, as its chief restructuring officer effective immediately.

Under the forbearance agreement, lenders led by GE Capital have agreed not to proceed with re

Register to view the full article

test - Advanced Registered User

Already a member? .