-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KA2wLm4mwx0sdlmVzlyY2Xq6C5nLWwgStJyrEk2I9l1Lwk6zolmGBPFfSJSzQe3n +EdNpiE0XikZQ/ZIB5neog== 0001144204-10-035831.txt : 20100630 0001144204-10-035831.hdr.sgml : 20100630 20100630134711 ACCESSION NUMBER: 0001144204-10-035831 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100630 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100630 DATE AS OF CHANGE: 20100630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENN TRAFFIC CO CENTRAL INDEX KEY: 0000077155 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-GROCERY STORES [5411] IRS NUMBER: 250716800 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-08858 FILM NUMBER: 10926285 BUSINESS ADDRESS: STREET 1: 1200 STATE FAIR BLVD CITY: SYRACUSE STATE: NY ZIP: 13221-4737 BUSINESS PHONE: (315) 453-7284 MAIL ADDRESS: STREET 1: 1200 STATE FAIR BLVD CITY: SYRACUSE STATE: NY ZIP: 13221-4737 8-K 1 v189542_8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM 8-K
 
CURRENT REPORT
 
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
 
Date of report (Date of earliest event reported): June 30, 2010
 
THE PENN TRAFFIC COMPANY
(Exact Name of Registrant as Specified in its Charter)
 
Delaware
0-8858
25-0716800
(State or Other Jurisdiction
(Commission File Number)
(IRS Employer
of Incorporation)
  
Identification No.)

1200 State Fair Boulevard
Syracuse, New York 13221-4737
(Address of Principal Executive Offices) (Zip Code)

(315) 453-7284
(Registrant’s telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
 
o           Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o           Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o           Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d2(b))
 
o           Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e4(c))

 
 
 

Item 8.01.  Other Events
 
As previously disclosed, 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 are continuing to manage their properties and operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and no trustee or examiner has been appointed in the Company’s case.  The Company currently believes that after the Company's repayment of its creditors to the extent it has available funds, none of its assets will remain available for distribution to its stockholders.  The Company intends to propose and have its Chapter 11 plan of liquidation confirmed by the Bankruptcy Court later in 2010.
 
On June 30, 2010, the Debtors filed their monthly operating report for the month ended May 29, 2010 (the “Monthly Operating Report”) with the Bankruptcy Court. The Monthly Operating Report is attached hereto as Exhibit 99.1 and is incorporated herein by reference. This current report (including the exhibit hereto) shall not be deemed an admission as to the materiality of any information required to be disclosed solely by Regulation FD.

Additional information regarding the Debtors' bankruptcy cases, including access to court documents and other general information, is available to the public at http://www.donlinrecano.com/cases/caseinfo/penn3.  Information contained on, or that can be accessed through, this website is not part of this report.

Limitation on Incorporation by Reference

In accordance with General Instruction B.2 of Form 8-K, the information with respect to the Debtors in this Item 8.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Cautionary Statement Regarding Financial and Operating Data

The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company.

The Monthly Operating Report contains unaudited financial information which has not been reviewed by independent accountants and is in a format prescribed by applicable bankruptcy laws.  The financial information related to the Debtors included in the Monthly Operating Report is limited in scope, and has been prepared solely for the purpose of complying with the monthly reporting requirements of the Office of the United States Trustee, Region 3, and the Bankruptcy Court.  As a result, the financial information contained in the Monthly Operating Report is not presented in accordance with generally accepted accounting principles (“GAAP”) or Securities and Exchange Commission (“SEC”) regulations applicable to financial statements contained in periodic reports filed with the SEC.  Preparation of the Debtors’ financial statements in accordance with GAAP could result in material reconciliations and adjustments to certain financial information presented in the Monthly Operating Report.

 
 
 

There can be no assurance that, from the perspective of an investor or potential investor in the Company’s securities, the Monthly Operating Report is complete.  The Monthly Operating Report contains information for periods that are shorter or otherwise different from those required in the Company’s reports pursuant to the Exchange Act, and such information might not be indicative of the Company’s financial condition or operating results for the period that would be reflected in the Company’s financial statements or in its reports pursuant to the Exchange Act.  Results set forth in the Monthly Operating Report should not be viewed as indicative of future results.

Cautionary Statement Regarding Forward-Looking Statements

This current report on Form 8-K and exhibit hereto contain forward-looking statements. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to (i) the impact of the Debtors’ bankruptcy filings, (ii) illiquidity of the Company’s securities and the volatility of the Company’s share prices, (iii) the impact of the actions and decisions of the Company’s creditors and other third parties with interests in the Bankruptcy Petitions, (iv) asset impairments, asset dispositions, restructuring activities, contract terminations and rejections and claims assessments that may significantly impact the Company’s consolidated financial statements and (v) any inability on the part of the Company to retain and motivate management and key employees.  Readers are referred to the Company’s Quarterly Report on Form 10-Q filed on December 21, 2009, and Annual Report on Form 10-K, filed on April 21, 2009, and the other documents filed by the Company with the Securities and Exchange Commission, which further identify the important risk factors that could cause actual results to differ materially from the forward-looking statements in this current report on Form 8-K and the exhibit hereto.  The Company disclaims any obligations to update any forward-looking statements.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.
  
Exhibit
     
99.1
  
Monthly Operating Report for the month ended May 29, 2010, filed with the United States Bankruptcy Court for the District of Delaware.
 
 
 
 

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
THE PENN TRAFFIC COMPANY
 
(Registrant)
   
   
By:
/s/ Daniel J. Mahoney
    Name: Daniel J. Mahoney
    Title:   SVP, General Counsel

Date: June 30, 2010

 
 
 
EX-99.1 2 v189542_ex99-1.htm Unassociated Document

UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
     
In re The Penn Traffic Company, et al
  
Case No.   09-14078 (PJW)
                                   Debtors
  
Reporting Period: May 29, 2010
 
MONTHLY OPERATING REPORT
 
       
Document
  
Explanation
  
Affidavit/Supplement
REQUIRED DOCUMENTS
  
Form No.
  
Attached
  
Attached
  
Attached
Schedule of Cash Receipts and Disbursements
  
MOR-1
  
X
        
Bank Reconciliation (or copies of debtor's bank reconciliations)
  
MOR-1a
          
X
Schedule of Professional Fees Paid
  
MOR-1b
  
X
        
Copies of bank statements
                
Cash disbursements journals
                
Statement of Operations
  
MOR-2
  
X
        
Balance Sheet
  
MOR-3
  
X
        
Status of Postpetition Taxes
  
MOR-4
  
X
        
Copies of IRS Form 6123 or payment receipt
                
Copies of tax returns filed during reporting period
                
Summary of Unpaid Postpetition Debts
  
MOR-4b
  
X
        
Listing of aged accounts payable
  
MOR-4c
  
X
        
Accounts Receivable Reconciliation and Aging
  
MOR-5
  
X
        
Debtor Questionnaire
  
MOR-5
  
X
  
  
  
  

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

  
  
  
  
Signature of Debtor
Date
  
       
  
  
  
  
Signature of Joint Debtor
Date
  
       
/s/ Eric J. Sattler
  
6/30/10
  
Signature of Authorized Individual*
Date
  
       
Eric J. Sattler
  
VP of Finance, Interim CFO
Printed Name of Authorized Individual
Title of Authorized Individual

*Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

 
 
 

UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE

In re
The Penn Traffic Company, et al
  
Case No. 09-14078 (PJW)
 
                  Debtors
  
Period: May 29, 2010

MONTHLY OPERATING REPORT

Summary of Cases
    
 
Debtor
  
Case Number
       
 
The Penn Traffic Company, Debtor
  
09-14078 (PJW)
(1)
Sunrise Properties, Debtor
  
09-14079 (PJW)
(1)
Pennway Express, Inc., Debtor
  
09-14080 (PJW)
(1)
Penny Curtis Baking Company, Inc., Debtor
  
09-14082 (PJW)
(1)
Big M Supermarkets, Inc., Debtor
  
09-14083 (PJW)
 
Commander Foods, Inc., Debtor
  
09-14084 (PJW)
(1)
P & C Food Markets, Inc. of Vermont, Debtor
  
09-14085 (PJW)
(1)
P.T. Development, LLC, Debtor
  
09-14086 (PJW)
(1)
P.T. Fayetteville/Utica, LLC, Debtor
  
09-14087 (PJW)

(1)
No financial data was maintained for these entities because such entities were not engaged in active operations during the relevant time period of this report.

 
 
 

 
MOR-1
Case No. 09-14978 (PJW)
   
Reporting Period: May 29, 2010

In re: The Penn Traffic Company, et al
Debtors

5/2 - 5/29 Total Cash Flow
  
($ in thousands)
                          
5/2 - 5/29
    
Cumulative
  
   
5-8-10
    
5-15-10
    
5-22-10
    
5-29-10
    
Total
    
to Date
  
                                             
Cash Receipts:
                                            
                                             
Store Cash
   $ -     $ -     $ -     $ -     $ -     $ 351  
Sales Receipts
     -       -       -       -       -       94,177  
A/R Vendors
     41       120       132       218       511       20,103  
Sale Proceeds
     -       -       -       -       -       86,501  
Topco Dividend
     -       -       -       -       -       -  
Vendor Deposits
     -       -       -       -       -       (1,585 )
Utility Deposits
     175       -       -       -       175       (2,026 )
Other Receivables
     37       5       -       -       42       101  
Miscellaneous
     -       -       -       -       -       20,299  
Return of GE/Kimco Escrow Funds
     -       -       -       -       -       300  
Disputed Amounts/Litigation
     -       -       -       -       -       -  
LC Collateral and Fees
     -       -       -       -       -       -  
Prepaid Expenses
     -       -       -       -       -       -  
Other Assets
     -       -       -       -       -       -  
Pharmacy
     24       23       (21 )     91       118       41,788  
Funds Transferred Cure Cost Escrow
     -       285       -       -       285       (1,223 )
Funds Transferred Closing Issues Escrow
     -       -       -       -       -       (12,500 )
Funds Transferred Prof Carve Out Escrow
     -       -       -       -       -       (2,279 )
Total Receipts
     278       433       111       310       1,131       244,007  
                                                 
Cash Disbursements:
                                                
                                                 
Employee Expenses:
                                                
Store Payroll, Taxes & Benefits
     -       -       -       -       -       27,664  
Corporate Payroll
     23       98       39       45       206       4,058  
Corporate Taxes and Benefits
     8       22       14       -       43       2,027  
Retention
     -       -       -       -       -       -  
Total Payroll, Taxes & Benefits
     31       120       53       45       249       33,749  
                                                 
Operating Expenses:
                                                
Rent/Mortgage
     -       -       -       10       10       3,443  
Utilities
     -       -       -       -       -       3,656  
Supplies
     1       -       -       -       1       265  
Accounts Payable
     82       75       46       25       229       97,197  
401K
     -       -       -       -       -       -  
Insurance Premiums
     -       -       -       5       5       388  
Medical Tail
     18       11       37       2       67       308  
Workmans Comp Claims
     -       -       -       -       -       2,432  
Information Technology
     -       -       -       -       -       -  
Taxes
     -       -       44       -       44       44  
Sales Tax
     -       -       -       -       -       2,681  
Travel
     -       -       -       -       -       -  
Other
     -       -       -       6       6       76,317  
Miscellaneous
     16       -       -       -       16       7,480  
Contingency
     -       -       -       -       -       -  
Total Operating Expenses
     116       86       127       47       376       194,211  
                                                 
Union:
                                                
Medical
     -       -       -       -       -       5,449  
Pension
     -       -       -       -       -       1,161  
Union Claims
     -       -       -       -       -       48  
Total Union Expenses
     -       -       -       -       -       6,658  
                                                 
Bankruptcy Expenses:
                                                
Professional Fees
     1,130       53       939       -       2,122       5,962  
UST Fees
     -       -       -       -       -       88  
Claims Agent
     -       -       320       -       320       983  
Cure Costs
     173       -       123       1       297       2,845  
Administrative Claims/Other
     -       -       -       -       -       -  
Total Bankruptcy Expenses
     1,303       53       1,382       1       2,740       9,878  
                                                 
Total Disbursements
     1,450       259       1,562       93       3,365       244,496  
                                                 
Net Cash Flows
     (1,172 )     174       (1,451 )     217       (2,233 )     (489 )

 
 
 

In re The Penn Traffic Company, et al
      
Case No. 09-14078 (PJW)
Debtor
  
MOR 1B
  
Reporting Period: May 29, 2010

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

         
Amount
          
Check
    
Amount Paid
    
Year-To-Date
    
Retainer Information
  
Payee
  
Period Covered
    
Approved
    
Payor
    
Number
    
Date
    
Fees
    
Expenses
    
Adjustment
    
Fees
    
Expenses
    
Notes
  
                                                                   
Donlin Recano
           40,000.00    
Penn Traffic
                     40,000.00                       40,000.00       -    
Partially Paid with Retainer
  
Donlin Recano
  
11/1/09 -11/30/09
       122,573.75    
Penn Traffic
       28195676    
1/21/2010
       91,343.67       31,230.08               131,343.67       31,230.08        
Donlin Recano
  
12/22/2009
       4,500.00    
Penn Traffic
       28274814    
12/24/09
       -       4,500.00               131,343.67       35,730.08        
Donlin Recano
  
12/1/09 -12/31/09
       123,854.43    
Penn Traffic
       28602926    
1/21/2010
       105,964.83       17,889.60               237,308.50       53,619.68        
Donlin Recano
  
1/6/10 - 1/8/2010
       20,500.00    
Penn Traffic
       28481927    
1/12/10
       -       20,500.00               237,308.50       74,119.68        
Donlin Recano
  
1/24/2010
       4,150.00    
Penn Traffic
       0000467A    
1/25/2010
       -       4,150.00               237,308.50       78,269.68        
Donlin Recano
  
1/1/10 - 1/31/10
       276,170.57    
Penn Traffic
       265117    
2/24/2010
       243,243.15       32,927.42               480,551.65       111,197.10        
Donlin Recano
  
2/17/2010
       3,900.00    
Penn Traffic
       28943367    
1/17/2010
       -       3,900.00               480,551.65       115,097.10        
Donlin Recano
  
3/9/10 - 3/10/10
       14,625.00    
Penn Traffic
       29190692    
3/8/2010
       14,625.00       -               495,176.65       115,097.10        
Donlin Recano
  
3/15/2010
       97,135.82    
Penn Traffic
       29349310    
3/19/2010
       97,135.82       -               592,312.47       115,097.10        
                                                                                 
Conway, Del Genio, Greis
  
11/18/09 - 11/30/09
       66,590.09    
Penn Traffic
                     60,000.00       6,590.09               60,000.00       6,590.09    
Paid with Retainer
  
Conway, Del Genio, Greis
  
12/1/09 - 12/31/09
       162,686.75    
Penn Traffic
       28865298    
2/10/2010
       150,000.00       12,686.75               210,000.00       19,276.84    
Partially Paid with Retainer
  
Conway, Del Genio, Greis
  
1/1/10 - 1/31/10
       155,760.20    
Penn Traffic
       262967    
1/7/2010
       150,000.00       5,760.20               360,000.00       25,037.04        
Conway, Del Genio, Greis
  
2/1/10 - 2/28/10
       163,245.66    
Penn Traffic
       28865298    
2/2/2010
       150,000.00       13,245.66               510,000.00       38,282.70        
Conway, Del Genio, Greis
  
3/1/10 - 3/31/10
       164,893.51    
Penn Traffic
       29274664    
3/8/2010
       150,000.00       14,893.51               660,000.00       53,176.21        
Conway, Del Genio, Greis
  
4/1/10 - 4/30/10
       165,450.35    
Penn Traffic
       29709119    
4/16/2010
       150,000.00       15,450.35               810,000.00       68,626.56        
Conway, Del Genio, Greis
  
5/1/10 - 5/31/10
       162,556.36    
Penn Traffic
       30133205    
5/20/2010
       150,000.00       12,556.36               960,000.00       81,182.92        
                                                                                 
Fulbright & Jaworski
  
11/18/09 - 11/30/09
       62,378.72    
Penn Traffic
       27761495    
11/17/2009
       49,203.20       874.72               49,203.20       874.72    
Partially Paid with Retainer
  
Fulbright & Jaworski
  
12/1/09 -12/31/09
       97,457.23    
Penn Traffic
       28944754    
2/17/2010
       76,684.60       1,601.48               125,887.80       2,476.20        
Fulbright & Jaworski
  
1/1/10 - 1/31/10
       77,812.61    
Penn Traffic
       29363535    
3/22/2010
       59,992.20       2,822.36               185,880.00       5,298.56        
Fulbright & Jaworski
  
2/1/10 - 2/28/10
       38,335.78    
Penn Traffic
       29616130    
4/9/2010
       28,893.20       2,219.28               214,773.20       7,517.84        
Fulbright & Jaworski
  
11/18/09 - 2/28/10
    
NA
    
Penn Traffic
       30154540    
5/21/2010
       53,693.30       -       (3,000.00 )                      
Fulbright & Jaworski
  
3/1/10 - 3/31/10
       57,770.15    
Penn Traffic
       30015725    
5/11/2010
       45,734.60       601.90               260,507.80       8,119.74        
                                                                                 
Otterbourg, Steindler, Houston
  
12/2/09 - 12/31/09
       348,408.72    
Penn Traffic
       29055915    
2/25/2010
       276,294.00       3,041.22               276,294.00       3,041.22        
Otterbourg, Steindler, Houston
  
1/1/10 - 1/31/10
       306,265.83    
Penn Traffic
       29363581    
3/22/2010
       237,465.60       9,433.83               513,759.60       12,475.05        
Otterbourg, Steindler, Houston
  
2/1/10 - 2/28/10
       88,178.00    
Penn Traffic
       29779154    
4/22/2010
       68,374.00       2,710.50               582,133.60       15,185.55        
Otterbourg, Steindler, Houston
  
12/2/09 - 2/28/09
    
NA
    
Penn Traffic
       30154627    
5/21/2010
       145,533.40       -       (5,992.00 )     727,667.00       15,185.55    
Fee Examiner and Unbilled
  
Otterbourg, Steindler, Houston
  
3/1/10 - 3/31/10
       85,369.41    
Penn Traffic
       31033296    
5/20/2010
       67,205.60       1,362.41               794,872.60       16,547.96        
                                                                                 
Haynes and Boone
  
11/18/09 - 11/30/10
       286,068.80    
Penn Traffic
                     224,657.20       5,247.30               224,657.20       5,247.30    
Paid with Retainer
  
Haynes and Boone
  
12/1/09 - 12/31/10
       623,695.12    
Penn Traffic
       29517366    
4/1/2010
       492,994.40       7,452.12               717,651.60       12,699.42    
Partially Paid with Retainer
  
Haynes and Boone
  
1/1/10 - 1/31/10
       858,782.53    
Penn Traffic
       29965870    
5/6/2010
       677,477.60       11,935.53               1,395,129.20       24,634.95        
Haynes and Boone
  
2/1/10 - 2/28/10
       428,310.48    
Penn Traffic
       29982484    
5/7/2010
       331,599.40       13,811.23               1,726,728.60       38,446.18        
Haynes and Boone
  
11/18/09 - 2/28/10
    
NA
    
Penn Traffic
       30154572    
5/21/2010
       431,682.15       -       (31,691.25 )                      
                                                                                 
Morris, Nichols, Arsht & Tunnell
  
11/18/09 - 11/30/09
       58,869.13    
Penn Traffic
                     37,213.60       12,352.13               37,213.60       12,352.13    
Paid with Retainer
  
Morris, Nichols, Arsht & Tunnell
  
12/1/09 - 12/31/10
       119,798.11    
Penn Traffic
       29396065    
3/24/2010
       92,043.60       4,743.61               129,257.20       17,095.74    
Partially Paid with Retainer
  
Morris, Nichols, Arsht & Tunnell
  
1/1/10 - 1/31/10
       119,628.87    
Penn Traffic
       29689519    
4/16/2010
       89,082.40       8,275.87               218,339.60       25,371.61        
Morris, Nichols, Arsht & Tunnell
  
2/1/10 - 2/28/10
       64,693.86    
Penn Traffic
       29779098    
4/22/2010
       50,589.60       1,456.86               268,929.20       26,828.47        
Morris, Nichols, Arsht & Tunnell
  
11/18/09 - 2/28/10
    
NA
    
Penn Traffic
       30154600    
5/21/2010
       67,232.30       -       (2,250.00 )     336,161.50       26,828.47        
                                                                                 
Stevens & Lee
  
12/2/09 - 12/31/09
       99,314.75    
Penn Traffic
       29396150    
3/24/2010
       78,304.40       1,434.25               78,304.40       1,434.25        
Stevens & Lee
  
1/1/10 - 1/31/10
       76,199.69    
Penn Traffic
       29396150    
3/24/2010
       59,384.00       1,969.69               137,688.40       3,403.94        
Stevens & Lee
  
2/1/10 - 2/28/10
       29,112.30    
Penn Traffic
       29779179    
4/22/2010
       22,411.20       1,098.30               160,099.60       4,502.24        
Stevens & Lee
  
12/2/09 - 2/28/10
    
NA
    
Penn Traffic
       30154653    
5/21/2010
       40,024.90       -       (2,500.00 )     200,124.50       4,502.24        
Stevens & Lee
  
3/1/10 - 3/31/10
       18,628.45    
Penn Traffic
       30133608    
5/20/2010
       13,923.20       1,224.45               214,047.70       5,726.69        
                                                                                 
FTI Consulting
  
12/2/09 - 12/31/09
       183,921.14    
Penn Traffic
       29517307    
4/1/2010
       146,471.20       832.14               146,471.20       832.14        
                                                                                 
Total
           5,877,592.17                           5,516,477.32       292,781.20                                

 
 
 

In re The Penn Traffic Company, et al
Case No.   09-14078 (PJW)
Debtors
Reporting Period: May 29, 2010

MOR 2
Consolidated Statement of Operations
(In thousands)
Unaudited

   
Penn
    
Commander
    
Pennway
    
Penny
    
Sunrise
    
Penn Traffic
    
Consolidated
  
   
Traffic
    
Foods
    
Express
    
Curtiss
    
Properties
    
Eliminations
    
Penn Traffic
  
                                           
Revenues
   $ 13     $ -     $ -           $ -           $ 13  
                                                     
Cost and Operating Expenses
                                                    
Cost of sales
     11       -                                   11  
Selling and administrative expenses
     549       121                             -       669  
Asset impairment charge
     -       -       -       -       -       -       -  
Goodwill impairment charge
     -       -       -       -       -       -       -  
                                                         
Operating Income
     (547 )     (121 )     -       -       -       -       (668 )
                                                         
Interest expense
     602       -       -       -       -       -       602  
Reorganization expense
     1,204       -       -       -       -       -       1,204  
                                                         
(Loss) Income from continuing operations before taxes
     (2,353 )     (121 )     -       -       -       -       (2,474 )
Provision for income taxes
     -       -       -       -       -       -       -  
                                                         
(Loss) Income before loss from discontinued operations, net of tax
     (2,353 )     (121 )     -       -       -       -       (2,474 )
                                                         
(Loss) income from discontinued operations, net of tax
     (0 )     -       -       -               -       (0 )
                                                         
(Loss) Income before extraordinary item
     (2,353 )     (121 )     -       -       -       -       (2,474 )
                                                         
Extraordinary item
     -       -       -       -       -       -       -  
                                                         
Net (Loss) Income
   $ (2,353 )   $ (121 )   $ -     $ -     $ -     $ -     $ (2,474 )

(1) The following legal entities: Big M Supermarkets, Inc., PT Fayetteville/Utica, LLC, P&C Food Markets, Inc of Vermont, and PT-Development, LLC, are not reported on the above schedule due to the fact that there was no or nominal activity for the reporting period of May 2, 2010 through May 29, 2010 for these entities.
(2) SGA Expenses include some gains on sale of assets

 
 
 

In re: The Penn Traffic Company, et al
  
Csae No.  09-14078 (PJW)
                         Debtors
  
Reporting Period: May 29, 2010

MOR 3
Consolidated Balance Sheet
As of May 1, 2010
Unaudited
(In Thousands)

   
Penn
    
Commander
          
Pennway
    
Penny
    
Sunrise
    
Penn Traffic
    
Consolidated
  
   
Traffic
    
Foods
    
Big M
    
Express
    
Curtiss
    
Properties
    
Eliminations
    
Penn Traffic
  
ASSETS
                                                
                                                 
Current Assets:
                                                
Cash and short-term investments
     28,085       -       -       -       -       -       -       28,085  
Accounts and notes receivables
     16,195       -       -       176       -       -       -       16,371  
Inventories
     -       -       -       -       -       -       -       -  
Prepaid expenses and other current assets
     836       -       -       -       -       -       -       836  
Assets Held for Sale
     -       -       -       -       -       -       -       -  
      45,116       -       -       176       -       -       -       45,292  
                                                                 
Noncurrent Assets:
                                                                
Capital leases
     -       -       -       -       -       -       -       -  
Property, plant and equipment
     -       -       -       -       -       -       -       -  
Goodwill
     -       -       -       -       -       -       -       -  
Intangible assets
     -       -       -       -       -       -       -       -  
Other assets (1)
     46,433       -       -       -       -       -       -       46,433  
 
     91,549       -       -       176       -       -       -       91,725  
                                                                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                                                                
                                                                 
Current Liabilities:
                                                                
Current portion of obligations under capital leases
     -       -       -       -       -       -       -       -  
Current maturities under long-term debt
     -       -       -       -       -       -       -       -  
Trade account and drafts payables
     138       -       -       -       -       -       -       138  
Other current liabilities
     7,795       -       -       -       -       -       -       7,795  
Accrued interest expense
     -       -       -       -       -       -       -       -  
Deferred income taxes
     -       -       -       -       -       -       -       -  
      7,933       -       -       -       -       -       -       7,933  
                                                                 
Intercompany payables
     (1,825 )     -       -       -       -       -       -       (1,825 )
                                                                 
Noncurrent Liabilities:
                                                                
Obligations under capital leases
     -       -       -       -       -       -       -       -  
Long-term debt
     -       -       -       -       -       -       -       -  
Deferred income taxes
     -       -       -       -       -       -       -       -  
Other noncurrent liabilities
     11,774       -       -       -       -       -       -       11,774  
                                                                 
Total Liabilities Subject to Compromise (1)
     78,051       -       -       -       2,609       -       -       80,660  
                                                                 
Stockholders' Equity:
                                                                
Preferred stock
     (20 )     -       -       -       20       -       -       -  
Common Stock
     36       -       20       1       30       1       -       88  
Capital in excess of par
     128,246       -       -       -       -       -       -       128,246  
Stock warrants
     -       -       -       -       -       -       -       -  
Retained Earnings
     (132,377 )     -       (20 )     175       (2,659 )     (1 )     -       (134,882 )
Accumulated other comprehensive loss
     (270 )     -       -       -       -       -       -       (270 )
Treasury stock, 53,000 shares at cost
     -       -       -       -       -       -       -       -  
Total Stockholders Equity
     (4,385 )     -       -       176       (2,609 )     -       -       (6,818 )
                                                                 
      91,548       -       -       176       -       -       -       91,724  

(1) Balance does not include any contingent claims such as multi-employer pension plans that is expected to increase the liabilities above the value of any assets of the company.

 
 
 

In re: The Penn Traffic Company, et al
  
Case No.  09-14078 (PJW)
Debtors
  
Reporting Period: May 29, 2010
     
MOR 4
    
Status of Post Petition Taxes
    

       
05/02/10
                        
05/29/10
  
       
Beginning
    
Amount Withheld
    
Amount
  
Date
  
Check No.
    
Ending
  
       
Tax Liability
    
or Accrued
    
Paid
  
Paid
  
or EFT
    
Tax Liability
  
                                     
   
Federal
                                
242300
  
Withholding
     (37,994 )     (179,188 )     187,617  
05/05/10
  
274052500000812
       (29,565 )
                             
05/12/10
  
274053200728909
          
                             
05/17/10
  
274053700874395
          
                             
05/17/10
  
274053700921352
          
                             
05/25/10
  
274054600755943
          
                                             
242001
  
FICA -Employee
     (20,617 )     (80,474 )     92,531  
05/05/10
  
274052500000812
       (8,560 )
                             
05/12/10
  
274053200728909
          
                             
05/17/10
  
274053700874395
          
                             
05/17/10
  
274053700921352
          
                             
05/25/10
  
274054600755943
          
                                             
242000
  
FICA -Employer
     (38,546 )     (64,090 )     93,866  
05/05/10
  
274052500000812
       (8,770 )
                             
05/12/10
  
274053200728909
          
                             
05/17/10
  
274053700874395
          
                             
05/17/10
  
274053700921352
          
                             
05/25/10
  
274054600755943
          
                                             
   
Totals
     (97,157 )     (323,752 )     374,014               (46,895 )
                                             
242100
  
Unemployment
     (5,252 )     (157 )                     (5,409 )
                                             
   
Income
                                        
   
Other
                                        
   
Total Federal Taxes
     (102,409 )     (323,909 )     374,014               (52,304 )
                                             
   
State
                                        
242452
  
Withholding- PA
     (8,028 )     (1,985 )     7,780  
05/05/10
  
1300028052518
       (411 )
                          1,822  
05/19/10
  
1300028205277
          
                                             
242456
  
Withholding- VT
     (48 )     -584       48  
05/05/10
  
10124001728
       664  
                          708  
05/12/10
  
266039
          
                          540  
05/14/10
  
266058
          
                                             
242450
  
Withholding- NY
     (7,345 )     (83,427 )     7,983  
5/5/2010
  
NY10WT001995184
       (2,382 )
                          1,237  
05/06/10
  
266003
          
                          8,866  
05/12/10
  
NY10WT002006665
          
                          59,661  
05/18/10
  
NY10WT002018627
          
                          4,149  
05/19/10
  
266067
          
                          2,216  
05/24/10
  
266106
          
                          2,110  
05/25/10
  
NY10WT002029178
          
                          2,168  
05/28/10
  
266126
          
   
Total State Withholding
     (15,421 )     (85,996 )     99,288               (2,129 )
                                             
   
Local Taxes
                                        
242552
  
Local -EIT
     (4,172 )     (523 )                     (4,695 )
242900
  
Local -LST
     (632 )     (58 )                     (690 )
   
Total Local Taxes
     (4,804 )     (581 )     0               (5,385 )
                                             
   
Sales
                                        
242650 + 242750
  
Sales - NY
     (76 )                             (76 )
242652 + 242752
  
Sales - PA
     -                               -  
242651
  
Sales - OH
     (118 )             118  
05/28/10
  
266128
       -  
242656 + 242756
  
Sales - VT
     -               -               -  
                                             
   
Total Sales Tax
     (194 )     -       118               (76 )
                                             
   
Excise
                                        
242250
  
Unemployment - NY
     (12,428 )     (371 )     5,709  
05/03/10
  
04920063429
       (7,090 )
                                             
242252
  
Unemployment - PA
     (21,938 )     (57 )                     (21,995 )
                                             
242256
  
Unemployment - VT
     (6,370 )     (37 )     5,255  
05/03/10
  
24927-1004225468025
       (1,152 )
242257
  
Unemployment - NH
     910       (59 )                     851  
243100
  
Real property
     -                               -  
243500
  
Tobacco
     -                               -  
                                             
   
Total Excise
     (39,826 )     (524 )     10,964               (29,386 )
                                             
   
Other
                                        
242856
  
Meals and Room - VT
     -               -               -  
242857
  
Meals and Room - NH
     -               -               -  
243200
  
Mercantile Tax
     -                               -  
                                             
   
Total Other
     -       -       -               -  
                                             
   
Total Taxes
     (162,654 )     (411,010 )     484,384               (89,280 )
 
 
In re: The Penn Traffic Company et al
  
Case No. 09-14978 (PJW)
                              Debtors
  
Reporting Period: May 29, 2010

MOR 4b

SUMMARY OF UNPAID POSTPETITION DEBTS

         
Number of Days Past Due
                    
   
Current
     0-30     31-60     61-90    
Over 90
    
Total
  
Accounts Payable
     138,069                                     138,069  
Wages Payable
     37,066                                     37,066  
Taxes Payable
     89,278                                     89,278  
Rent/Leases-Building
                                     152,722       152,722  
Rent/Leases-Equipment
                                             0  
Secured Debt/Adequate Protection Payments
                                             0  
Professional Fees
     3,476,839                                       3,476,839  
Amounts Due to Insiders
                                             0  
Other Accrued Liabilities
     399,661                                       399,661  
Other:_________________________
                                             0  
Total Postpetition Debts
     4,140,913       0       0       0       152,722       4,293,635  
 
 
In re
The Penn Traffic Company
    
Case N09 -14078 (PJW)
 
Debtor
    
Reporting Per May 29, 2010

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
MOR 5a

Accounts Receivable Reconciliation        
  
Amount
  
Total Accounts Receivable at the beginning of the reporting period    
   $ 17,526,739  
+ Amounts billed during the period (Aged)        
   $ 1,586,838  
- Amounts collected during the period (Aged)      
   $ 1,989,264  
- Amounts collected during the period (Not Aged)      
   $ 928,920  
+ Amounts billed during the period (Not Aged)              
   $ -  
Total Accounts Receivable at the end of the reporting period    
   $ 16,195,394  
         
Accounts Receivable Aging        
  
Amount
  
0 - 30 days old            
   $ 229,026  
31 - 90 days old            
   $ 1,249,236  
91 - 180 days old          
   $ 2,518,161  
181 - 365 days old          
   $ 1,295,354  
365 + days old            
   $ 159,038  
Subtotal Aged Accounts Receivable        
   $ 5,450,815  
Accounts Receivable Not Aged        
   $ 12,096,817  
Total Accounts Receivable        
   $ 17,547,633  
-Amount considered uncollectible (Bad Debt)      
   $ 1,352,239  
Accounts Receivable (Net)        
   $ 16,195,393  

DEBTOR QUESTIONNAIRE

Must be completed each month
  
Yes
  
No
1
Have any assets been sold or transferred outside the normal course of business this reporting period?  If yes, provide an explanation below.
      
X
2
Have any funds been disbursed from any account other than a debtor in possession account this reporting period?
      
X
3
Have all postpetition tax returns been timely filed?  If no, provide an explanation below.
  
X
    
4
Are workers compensation, general liability and other necessary insurance coverages in effect?  If no, provide an explanation below.
  
X
    
5
Has any bank account been opened during the reporting period?  If yes, provide documentation identifying the opened account(s).  If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.
      
X
 
 
In re
Pennway Express, Inc.  
  
Case N09 -14080 (PJW)
 
Debtor
  
Reporting Per May 29, 2010

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
MOR 5b

Accounts Receivable Reconciliation
  
Amount
  
Total Accounts Receivable at the beginning of the reporting period
   $ 176,615  
+ Amounts billed during the period
   $ (674 )
- Amounts collected during the period
   $ 377  
Total Accounts Receivable at the end of the reporting period
   $ 175,564  

Accounts Receivable Aging
  
Amount
  
0 - 30 days old
   $ -  
31 - 90 days old
   $ -  
91 - 180 days old
   $ 93,034  
181 - 365 days old
   $ 26,691  
365 + days old
   $ 55,839  
Subtotal Aged Accounts Receivable
   $ 175,564  
Accounts Receivable Not Aged
   $ -  
Total Accounts Receivable
   $ 175,564  
-Amount considered uncollectible (Bad Debt)
        
Accounts Receivable (Net)
   $ 175,564  

DEBTOR QUESTIONNAIRE

Must be completed each month
  
Yes
  
No
1
Have any assets been sold or transferred outside the normal course of business this reporting period?  If yes, provide an explanation below.
      
X
2
Have any funds been disbursed from any account other than a debtor in possession account this reporting period?
      
X
3
Have all postpetition tax returns been timely filed?  If no, provide an explanation below.
  
X
    
4
Are workers compensation, general liability and other necessary insurance coverages in effect?  If no, provide an explanation below.
  
X
    
5
Has any bank account been opened during the reporting period?  If yes, provide documentation identifying the opened account(s).  If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.
      
X
 
 
 
 

UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE

In re  
The Penn Traffic Company et al
  
Case No.   
09-14078  (PJW)
 
  Debtors
  
Reporting Period:   
May 29, 2010

Status of Bank Reconciliations and Unpaid Postpetition Taxes

I, Eric J. Sattler, certify that:

I am the Vice President of Finance and Interim Chief Financial Officer of The Penn Traffic Company and Vice President of each of its affiliated Debtors.

All of the Company's bank reconciliations have been balanced for the period ending May 29, 2010.  A list of those bank accounts with period ending balances is attached.

All post-petition witholding taxes, property taxes, real estate taxes, sales and use taxes and sales taxes that are due and payable were paid. A list of those taxes paid is attached.

/s/ Eric J. Sattler
  
6/30/10
  
Eric J. Sattler
  
Date
  
VP of Finance and Interim CFO
      
 
 
 
 

   
The Penn Traffic Company
            
   
Bank Account Balances
            
           
Actual
  
   
Bank Name
  
A/C#
  
5-1-10
  
1
  
First Commonwealth Bank
  
4983
    
(377
)*
2
  
Bank of America Business Capital
  
2194
    
2,302,568
  
3
  
Bank of America Business Capital
  
3549
    
-
*
4
  
Bank of America Business Capital
  
2204
    
5,988
  
5
  
Bank of America Business Capital
  
5976
    
22,514,479
  
6
  
Banc of America Securities LLC
  
4712
    
-
*
7
  
Bank of America Business Capital
  
6956
    
(7,350
 ) 
8
  
HSBC Bank USA, National Association
  
3033
    
-
*
9
  
Bank of America Business Capital
  
2069
    
-
  
10
  
Bank of America Business Capital
  
3549
    
2,753
*
11
  
HSBC Bank USA, National Association
  
9521
    
(1,431,843
 ) 
12
  
Bank of America Business Capital
  
2069
    
(264,946
 )
13
  
HSBC Bank USA, National Association
  
7256
    
76,308
  
14
  
HSBC Bank USA, National Association
  
4225
    
22,319
  
15
  
HSBC Bank USA, National Association
  
4439
    
7,065
  
16
  
Bank of America Business Capital
  
2084
    
403
  
17
  
Fifth Third Bank
  
4602
    
(421
)*
18
  
Fifth Third Bank
  
4651
    
-
*
19
  
Lake Region Bank
  
5136
    
4,544
  
20
  
Lake Region Bank
  
5224
    
-
*
21
  
Lake Region Bank
  
5312
    
-
*
22
  
Lake Region Bank
  
5558
    
-
*
23
  
HSBC Bank USA, National Association
  
0463
    
75,871
  
24
  
HSBC Bank USA, National Association
  
0974
    
-
*
25
  
HSBC Bank USA, National Association
  
7312
    
5,388
  
26
  
First Citizens Bank
  
1002
    
196,749
  
27
  
NBT Bank
  
2424
    
-
*
28
  
Peoples State Bank
  
3200
    
196,754
  
29
  
Ameriserv Financial Bank
  
5230
    
36,582
  
30
  
RBS Citizens, National Association
  
5043
    
-
*
31
  
First Commonwealth Bank
  
2264
    
-
*
32
  
Hamlin Bank
  
0306
    
-
*
33
  
HSBC Bank USA, National Association
  
6050
    
-
*
34
  
M&T Bank
  
6855
    
-
*
35
  
Merchants Bank
  
1875
    
-
*
36
  
National City Bank/PNC Bank
  
8153
    
-
*
37
  
Northwest Savings Bank
  
3249
    
-
*
38
  
Northwest Savings Bank
  
3245
    
-
*
39
  
PNC Bank
  
8142
    
-
*
40
  
S&T Bank
  
6912
    
-
*
41
  
Bank of America Business Capital
  
8023
    
-
*
42
  
Bank of America Business Capital
  
2852
    
-
*
43
  
Bank of America Business Capital
  
2865
    
-
*
44
  
Bank of America Business Capital
  
2878
    
-
*
45
  
Bank of America Business Capital
  
7938
    
-
*
46
  
Bank of America Business Capital
  
1347
    
4,341,964
*
   
Total
      
$
28,084,798
  

* Bank Account has been closed
 

The Penn Traffic Co.
Taxes Paid Through 05/29/2010

   
Tax
  
Amount
  
Date
    
Legal Entity
  
Paid
  
Paid
  
Paid
    
Taxes Paid through November 28
    
1,681,547.75
        
Taxes Paid through December 28
    
3,022,437.39
        
Taxes Paid through January 30
    
5,047,570.34
        
Taxes Paid through February 27
    
3,017,188.94
        
Taxes Paid through March 27
    
1,462,243.69
        
Penn Traffic Co.
  
Fed-SS-MED
    
156,922.05
  
03/29/10
    
                   
PT Fayetteville/Utica, LLC
  
NYS-45
    
5,708.57
  
05/03/10
  
04920063429
Penn Traffic Co.
  
VT SUI
    
5,254.65
  
05/03/10
  
24927-1004225468025
Penn Traffic Co.
  
Fed-SS-MED
    
59,427.61
  
05/05/10
  
274052500000812
Penn Traffic Co.
  
NY Withholding
    
7,983.20
  
05/05/10
  
NY10WT001995184
Penn Traffic Co.
  
PA W/H
    
7,780.27
  
05/05/10
  
1300028052518
Penn Traffic Co.
  
VT Withholding
    
47.71
  
05/05/10
  
10124001728
Commander Foods Inc
  
NY Withholding
    
1,237.10
  
05/06/10
  
00266003
Penn Traffic Co.
  
Fed-SS-MED
    
60,425.12
  
05/12/10
  
274053200728909
Penn Traffic Co.
  
NY Withholding
    
8,866.29
  
05/12/10
  
NY10WT002006665
Penn Traffic Co.
  
VT Withholding
    
707.87
  
05/12/10
  
00266039
Penn Traffic Co.
  
VT Withholding
    
540.26
  
05/14/10
  
00266058
Commander Foods Inc
  
Fed-SS-MED
    
34,631.24
  
05/15/10
  
274053700874395
Penn Traffic Co.
  
Fed-SS-MED
    
211,979.98
  
05/17/10
  
274053700921352
Penn Traffic Co.
  
NY Withholding
    
59,660.57
  
05/18/10
  
NY10WT002018627
Commander Foods Inc
  
NY Withholding
    
4,149.10
  
05/19/10
  
00266067
Penn Traffic Co.
  
PA W/H
    
1,821.97
  
05/19/10
  
1300028205277
Commander Foods Inc
  
NY Withholding
    
2,215.95
  
05/24/10
  
00266106
Penn Traffic Co.
  
Fed-SS-MED
    
7,550.49
  
05/25/10
  
274054600759543
Penn Traffic Co.
  
NY Withholding
    
2,109.82
  
05/25/10
  
NY10WT002029178
Commander Foods Inc
  
NY Withholding
    
2,168.16
  
05/28/10
  
00266126
Penn Traffic Co.
  
OH Sellers Use Tax
    
118.34
  
05/28/10
  
00266128
                   
Taxes Paid through May 29
    
484,384.27
        
                   
Total Taxes Paid
        
16,480,079.80
        

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