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.

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