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PENN TRAFFIC COMPANY ANNOUNCES EXPIRATION OF TENDER OFFERS

 JOHNSTOWN, Pa., April 20 /PRNewswire/ -- The Penn Traffic Company (AMEX: PNF) announced today that its offers (the "Offers") to purchase any and all of the outstanding 12-3/4 percent senior notes due 1997 (the "Big Bear Notes") of Big Bear Stores Company ("Big Bear") and any and all of the outstanding 13-3/4 percent senior subordinated notes due 1998 (the "P&C Notes") of P&C Food Markets, Inc. ("P&C") expired at 5 p.m., New York time, on Monday, April 19, 1993.
 As of the expiration of the offers, $93.8 million principal amount of the Big Bear notes and $77.8 million principal amount of the P&C notes had been validly tendered and not withdrawn. All validly tendered Big Bear notes and P&C notes have been accepted for payment. As previously announced, the cash purchase prices for the offers were equal to $1,052.50 per $1,000 principal amount of the Big Bear notes and $1,082.50 per $1,000 principal amount of the P&C notes, plus, in each case, accrued and unpaid interest up to, but not including, the date of payment.
 The offers were conditioned upon, among other things, the sale by Penn Traffic of $400 million aggregate principal amount of senior subordinated notes due 2005 and 2 million shares of Penn Traffic's common stock, as well as the merger of each of Big Bear and P&C with and into Penn Traffic. The securities offerings and the mergers were consummated on April 15, 1993. In the Big Bear merger, each holder of Big Bear common stock or Big Bear 8 percent convertible preferred stock who elected to receive cash consideration received $36.00 per Big Bear share in cash, while each such holder who elected to receive stock consideration received, by virtue of proration, 0.662624 shares of Penn Traffic common stock and $12.725 in cash per Big Bear share.
 The Penn Traffic Company is one of the leading food retailers in the eastern United States, operating 218 supermarkets in western Pennsylvania, upstate New York, Ohio and northern West Virginia, under the names Riverside Markets, Bi-Lo Foods, Quality Markets, P&C Foods, Big Bear and Big Bear Plus. Additionally, Penn Traffic operates a wholesale food distribution business serving 133 licensed franchisees and 127 independent operators and a discount general merchandise business with 17 stores. Grand Union, in which Penn Traffic holds a 17.8 percent equity interest, operates supermarkets in the eastern United States.
 -0- 4/20/93
 /CONTACT: Martin A. Fox, vice chairman-finance, of Penn Traffic, 914-921-3000/
 (PNF)


CO: The Penn Traffic Company ST: Pennsylvania IN: REA SU: OFR

DM-SB -- PG012 -- 7899 04/20/93 10:05 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
Words:451
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