Penn Traffic Plans Liquidation Of Last Assets

Law360, New York (June 16, 2010, 1:17 PM EDT) -- Bankrupt grocer The Penn Traffic Co. has submitted a plan to liquidate its remaining assets now that it has consummated a sale of its stores to former rival Tops Markets LLC for about $155 million.

Under the plan, all equity interests will be canceled and each holder of a general unsecured claim will receive a pro rata share of an unsecured creditor distribution, according to a disclosure statement filed Tuesday in the U.S. Bankruptcy Court for the District of Delaware.

Priority claims will be paid from...
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