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Article: Penn Traffic Enters Agreement to Maintain Letters of Credit and Other Extensions of Credit.
- Article from:
- Business Wire
- Article date:
- November 4, 2009
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SYRACUSE, N.Y. -- The Penn Traffic Company (Pink Sheets: PTFC), entered into a forbearance agreement with all of its senior working capital lenders and General Electric Capital Corporation ("GE Capital"), as agent for the lenders, on November 3, 2009.
"We continue to work closely with our lenders and appreciate the flexibility that they have provided us with this latest agreement," said President and Chief Executive Officer Gregory J. Young.
The company currently expects that, under the terms of the forbearance agreement, the participating lenders will continue to provide letters of credit and other forms of credit to the company through at least ...