Penn Traffic filed a motion with the U.S. Bankruptcy Court seeking approval of the sale of substantially all of the Company’s assets. A joint venture comprised of Hilco Merchant Resources and Hilco Real Estate Holdings will act as the stalking horse bidder in the proceedings for an agreed price of $19,750,000. This purchase agreement does not include the 22 Debtor stores covered under a previous purchase agreement with Hilco Merchant Resources.
About Brandy Chetsas
Brandy L. Chetsas is editor in chief at Bankrupt Company News. She joined New Generation Research, Inc. in 1998. As Director of Strategic Content, she leverages 20+ years of communications and project management experience for the distressed investing sector--with particular expertise on corporate restructurings via Chapter 11. Brandy began her career writing for a law enforcement-related publication and teaching English courses at numerous colleges in the U.S. and abroad.