The deadline for bids to buy Penn Traffic's stores has been extended for six more weeks after lender GE Capital agreed to a request for additional time from Charles Schumer, a U.S. Senator from New York.
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SYRACUSE, N.Y. — The deadline for bids to buy Penn Traffic's stores has been extended for six more weeks after lender GE Capital agreed to a request for additional time from Charles Schumer, a U.S. Senator from New York.
Penn Traffic, which operates 79 stores under the BiLo, P&C and Quality Market banners, is seeking to liquidate under Chapter 11 bankruptcy. The only bids reported as of Friday were a liquidation "stalking horse" offer for at least $36.5 million, and an offer by Schenectady, N.Y.-based Price Chopper to acquire 22 P&C stores for $54 million.
As previously reported in SN, Schumer sought the extension to maximize the chances Penn Traffic's stores remain open.
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