Penn Traffic Co. (fka PTFCQ)

[speckulater]

Liquidation Value $1.54 (Repost)



Form 8-K for PENN TRAFFIC CO

18-Nov-2009

Bankruptcy or Receivership, Triggering Events That Accelerate or Increase a Direc


Item 1.03. Bankruptcy or Receivership.

On November 18, 2009, The Penn Traffic Company (the "Company"), and each of its direct and indirect subsidiaries, including Penny Curtiss Baking Company, Inc. ("PCBC") and Big M Supermarkets, Inc. (together with the Company and PCBC, the "Debtors") filed voluntary petitions (the "Chapter 11 Petitions") for relief under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). The Debtors will continue to manage their properties and operate their businesses as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code. No trustee or examiner has been appointed in the Company's case in the Bankruptcy Court. The Chapter 11 Petitions state that as of November 18, 2009, the Company's total assets are $150.4 million, and its total liabilities are $136.9 million.

http://biz.yahoo.com/e/091118/ptfc.pk8-k.html



$150.4 - $136.9 = $13.5 Million Net Assets

$13.5 / 8.78 Million Shares = $1.54 Per Share



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