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Penn Traffic's Lenders Agree to Credit Amendments

SYRACUSE, N.Y. -- Penn Traffic Co. said Tuesday that its lenders have agreed to extend the deadline for it to deliver audited financial statements until June 30.

SYRACUSE, N.Y. -- Penn Traffic Co. said Tuesday that its lenders have agreed to extend the deadline for it to deliver audited financial statements until June 30. Lenders also agreed to waive a requirement for Penn Traffic to provide audited 2005 financial figures, and to extend a period during which Penn Traffic must pay a “prepayment premium” to its lenders to Jan. 13, 2008. The amended facilities, for which Penn Traffic paid an undisclosed fee, would allow the company to undertake strategic initiatives, such as the recently announced closure of several stores. “The company has been working diligently to establish obtainable strategic and tactical initiatives to reach our goals and we appreciate the support our lenders have shown us,” Robert Panasuk, Penn Traffic‘s president and chief executive officer, said in a statement.