Bay Harbour and affiliates seek representation on Penn Traffic board

By Lisa Kerner

Charlotte, N.C., May 4 - Penn Traffic Co. investors Bay Harbour Management, LC, Bay Harbour Master Ltd. and Trophy Hunter Investments, Ltd. are unable to reach a mutually satisfactory confidentiality agreement regarding access to non-public information about Penn Traffic to address financing alternatives.

The investors suggested that the company increase the number of directors and elect a designee of the reporting persons to fill the vacancy, however, Penn Traffic refused to take such action on terms satisfactory to the investors, according to a schedule 13D filing with the Securities and Exchange Commission.

Bay Harbour and the other investors plan to continue seeking board representation.

On Feb. 16, Bay Harbour Management and its affiliates increased their stake in Penn Traffic to 23.1%.

Penn Traffic is a Syracuse, N.Y.-based company involved in retail and wholesale food distribution.

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