Bankrupt Penn Traffic Nears Deal On Pensions

Law360, New York (September 14, 2010, 7:11 PM EDT) -- A bankruptcy judge signed off Tuesday on The Penn Traffic Co.’s second amended disclosure statement, after the bankrupt grocer announced it was close to resolving an objection by the Pension Benefit Guaranty Corp.

Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware approved the disclosure statement attached to Penn Traffic’s Chapter 11 liquidation plan and set a confirmation hearing for Oct. 27.

The debtor announced in court that it had reached an “agreement in principle” with the PBGC and hoped to...
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