Legislator Seeks Extension for Penn Traffic Bids

MARK HAMSTRA

SYRACUSE, N.Y. — Sen. Charles Schumer (D-N.Y.) has asked GE Capital, one of the largest creditors of bankruptcy chain Penn Traffic here, to give the company more time to seek bids, according to a report Friday on Syracuse.com.

The deadline for Penn Traffic to collect bids was scheduled to be today. Schumer asked that the deadline be extended for a month, the report said.

"This decision would allow thousands of New York workers to breathe a little easier through the Christmas season as Penn Traffic works to identify a buyer that will keep open the maximum number of stores," the website quotes Schumer as saying.

A spokesman for Schumer's office could not be reached for comment. 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.

Penn Traffic operates 79 stores under the P&C, Quality and BiLo banners.

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