Penn Traffic's Audited Financials Delayed Again
SYRACUSE, N.Y. -- The Penn Traffic Co. here said yesterday that because of government investigations seeking information about the Northeast grocer's promotional and allowance practices and policies, it would further delay the release of its audited financial statements for the years 2003 through 2005.
The company requested that the lenders under its $164 million revolving credit facility extend the deadline for delivery of the financials from today to June 30. The lenders agreed to the deadline extension. As of March 24, Penn Traffic had undrawn availability of about $52 million and a 30-day average undrawn availability of about the same amount under the revolving credit facility.
"We regret that the audit of our financial statements will not be completed prior to the March deadline," said Penn Traffic president and c.e.o. Robert Chapman in a statement, "but we continue to be extremely gratified that our lenders have been understanding in working with us. We look forward to getting past this disruption so that we can achieve the goals we established for our reorganized company and its more than 8,500 employees."
Penn Traffic operates 111 supermarkets in Pennsylvania, upstate New York, Vermont, and New Hampshire under the BiLo, P&C, and Quality banners. The company also operates a wholesale food distribution business serving 79 licensed franchises, 43 independent operators, and Penny Curtiss, a commercial bakery based in Syracuse.
The company requested that the lenders under its $164 million revolving credit facility extend the deadline for delivery of the financials from today to June 30. The lenders agreed to the deadline extension. As of March 24, Penn Traffic had undrawn availability of about $52 million and a 30-day average undrawn availability of about the same amount under the revolving credit facility.
"We regret that the audit of our financial statements will not be completed prior to the March deadline," said Penn Traffic president and c.e.o. Robert Chapman in a statement, "but we continue to be extremely gratified that our lenders have been understanding in working with us. We look forward to getting past this disruption so that we can achieve the goals we established for our reorganized company and its more than 8,500 employees."
Penn Traffic operates 111 supermarkets in Pennsylvania, upstate New York, Vermont, and New Hampshire under the BiLo, P&C, and Quality banners. The company also operates a wholesale food distribution business serving 79 licensed franchises, 43 independent operators, and Penny Curtiss, a commercial bakery based in Syracuse.