Penn Traffic's Financials Further Delayed
SYRACUSE, N.Y. -- The Penn Traffic Co. said last week that due to governmental investigations seeking information relating to the company's promotional and allowance practices and policies, Penn Traffic would further delay the finalization and release of audited financial statements for its 2003, 2004, 2005 and 2006 fiscal years.
At the request of the company, the lenders under Penn Traffic's $164 million revolving credit facilities have agreed to extend the June 30, 2006 deadline for delivery of the Northeast regional retailer’s audited financial statements to Sept. 30, 2006, allowing it to continue to access fully its working capital facility. As of June 15, 2006, Penn Traffic had undrawn availability of about $46 million, and a 30-day average undrawn availability of about $45 million under this revolving credit facility.
"We continue to be extremely gratified that our lenders have been understanding in working with us," said Penn Traffic president and c.e.o. Robert Chapman in a statement, "and 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 112 supermarkets in Pennsylvania, upstate New York, Vermont, and New Hampshire under the BiLo, P&C, and Quality banners. The company additionally runs a wholesale food distribution business serving 78 licensed franchises and 50 independent operators, and Penny Curtiss, a Syracuse-based commercial bakery.
At the request of the company, the lenders under Penn Traffic's $164 million revolving credit facilities have agreed to extend the June 30, 2006 deadline for delivery of the Northeast regional retailer’s audited financial statements to Sept. 30, 2006, allowing it to continue to access fully its working capital facility. As of June 15, 2006, Penn Traffic had undrawn availability of about $46 million, and a 30-day average undrawn availability of about $45 million under this revolving credit facility.
"We continue to be extremely gratified that our lenders have been understanding in working with us," said Penn Traffic president and c.e.o. Robert Chapman in a statement, "and 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 112 supermarkets in Pennsylvania, upstate New York, Vermont, and New Hampshire under the BiLo, P&C, and Quality banners. The company additionally runs a wholesale food distribution business serving 78 licensed franchises and 50 independent operators, and Penny Curtiss, a Syracuse-based commercial bakery.