SYRACUSE, N.Y. -- Penn Traffic here said last week it emerged from almost 23 months operating under Chapter 11 bankruptcy protection when its plan of reorganization took effect on April 13. "Penn Traffic is beginning life as a new company with a solid capital structure, greatly reduced debt, disciplined and improved operations, and a strengthened management team," said Robert Chapman, president and chief executive officer. "Penn Traffic today is a leaner, stronger competitor with bright ...

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