PBGC Objects To Penn Traffic Disclosure Statement

Law360, New York (July 20, 2010, 12:44 PM EDT) -- The U.S. Pension Benefit Guaranty Corp. has objected to a disclosure statement for a liquidation plan filed by bankrupt grocer The Penn Traffic Co., which sold its stores to former rival Tops Markets LLC for about $155 million earlier this year.

The PBGC, which is now the trustee for three terminated Penn Traffic pension funds and has claims against the company totaling about $81.6 million, said in an objection filed Monday in the U.S. Bankruptcy Court for the District of Delaware that the disclosure statement doesn't...
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