The Penn Traffic Company - Chapter 11
Haynes and Boone Team:
Parkins, Lenard M.
, Plenge, Charles F.
, Bezozo, Kenneth K.
Services: Bankruptcy and Business Restructuring
, Debtors and Debtors-in-Possession
, Labor and Employment
, Employee Benefits and Executive Compensation
Representation of The Penn Traffic Company and its subsidiaries in their Chapter 11 cases in the Delaware bankruptcy court. At filing, Penn Traffic owned and operated 79 supermarkets in the northeast part of the United States, and had total debt exceeding $250 million and annual revenues approaching $900 million. Following a spirited marketing and sale process, debtors sold substantially all their assets to TOPS Markets, LLC.