Penn Traffic investors see alternatives for the company

By Lisa Kerner

Charlotte, N.C., Oct. 22 - Penn Traffic Co. investors led by CR Intrinsic Investors, LLC reported owning 805,500 shares, or 9.7%, of the company's common stock. The shares were originally acquired for investment purposes, a schedule 13D filing with the Securities and Exchange Commission stated.

As part of the reporting persons' "continuing evaluation of their investment" and "in light of industry transactions that continue to take place within the issuer's geographical footprint," the investors believe there are strategic alternatives available to Penn Traffic to maximize shareholder value.

CR Intrinsic may discuss the company's business with management, board members or other Penn Traffic shareholders.

Penn Traffic is a Syracuse, N.Y.-based food distributor.

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