Tops Bids $85M for Penn Traffic

As expected, Tops Friendly Markets here said it has filed a bid to acquire a majority of the assets of Penn Traffic Co., Syracuse, N.Y., out of bankruptcy, although rival bidder Price Chopper voiced strong objections to the proposed sale in a court hearing. In a filing with the bankruptcy court, Penn Traffic said Tops' bid included $85 million in cash; reductions in unsecured claims

WILLIAMSVILE, N.Y. — As expected, Tops Friendly Markets here said it has filed a bid to acquire a majority of the assets of Penn Traffic Co., Syracuse, N.Y., out of bankruptcy, although rival bidder Price Chopper voiced strong objections to the proposed sale in a court hearing.

In a filing with the bankruptcy court, Penn Traffic said Tops' bid included $85 million in cash; reductions in unsecured claims that had been filed against Penn Traffic by United Food and Commercial Work

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