Tops Markets To Buy Penn Traffic Stores For $85M

Law360, New York (January 8, 2010, 5:04 PM EST) -- Tops Markets LLC has agreed to pay $85 million to acquire all 79 supermarkets of its bankrupt rival Penn Traffic Co., in a deal that will save most of the defunct grocery store chain's operations from liquidation.

The debtor asked for emergency approval of the asset sale to the owner of the Tops Friendly Markets chain in the U.S. Bankruptcy Court for the District of Delaware on Friday.

The proposed sale would also include a waiver of over $70 million in claims and the retention of,...
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