Bidding deadline for bankrupt NY supermarket chain Penn Traffic extended 6 weeks
By APMonday, December 21, 2009
Deadline extended for Penn Traffic market bids
SYRACUSE, N.Y. — The deadline for bids to acquire 79 supermarkets in the Northeast operated by the bankrupt Penn Traffic Co. has been extended for six more weeks.
After getting a request for extra time from New York Sen. Charles Schumer, the supermarket chain’s largest lender, GE Capital, agreed to extend Monday’s deadline for potential buyout offers until the end of January.
Syracuse-based Penn Traffic filed for bankruptcy in November and wants to sell most or all of its assets. It operates 79 P&C, Quality Markets and BiLo stores in New York, Pennsylvania, Vermont and New Hampshire and employs 5,739 people.
Price Chopper, a Schenectady-based company with 119 stores in six Northeastern states, said last week it offered $54 million for 22 of the 46 P&C stores being auctioned.
