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UPDATE 1-Penn Traffic files for bankruptcy, to sell stores

Wed Nov 18, 2009 2:21pm EST

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* Files for Chapter 11 protection

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* To sell stores and other assets

Nov 18 (Reuters) - Regional supermarket operator Penn Traffic Co (PTFC.PK) filed for bankruptcy in a Delaware court on Wednesday and said it was looking to sell its stores and other assets while under Chapter 11 protection.

In a statement, the company said it expects to present this arrangement for court approval at a hearing anticipated for Nov. 19.

The Syracuse, New York-based company operates supermarkets in Upstate New York, Pennsylvania, Vermont and New Hampshire under the P&C Foods, Bi-Lo Foods and Quality Markets names.

Penn Traffic listed assets of $150.4 million and debt of $136.9 million in court papers.

The case is In re: The Penn Traffic Co, U.S. Bankruptcy Court, District of Delaware (Delaware), No. 09-14078-PJW. (Reporting by Santosh Nadgir in Bangalore; Editing by Maju Samuel)

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