2nd Circuit

BANKRUPTCY - The 2nd Circuit held that a bankrupt food distributor's petition to reject its contract with a developer to sell a supermarket for $3.5 million is in the distributor's best interest, since the property was appraised at $9.8 million. The developer's attempt to satisfy its end of the deal by paying the $3.5 million after Penn Traffic Co. entered bankruptcy court was futile.

Read the Top 8

Sign up for the Top 8, a roundup of the day's top stories delivered directly to your inbox Monday through Friday.

Email *

Submit