X0202 3 2005-07-21 0 0000077155 PENN TRAFFIC CO PTFC,PK 0001218199 KING STREET CAPITAL MGMT LLC 65 EAST 55TH STREET 30TH FLOOR NEW YORK NY 10022 0 0 1 0 Common Stock 209009 I King Street Capital, L.P. Common Stock 414752 I King Street Capital, Ltd. Common Stock 29392 I King Street Institutional, Ltd. (1) King Street Capital, L.P., King Street Capital, Ltd. and King Street Institutional, Ltd. each held 11% Senior Notes Due June 29, 2009, issued by The Penn Traffic Company prior to its reorganization under Chapter 11 of the United States Bankruptcy Code. In connection with that reorganization, these 11% Senior Notes Due June 29, 2009 were converted into the common stock reported on this Form 3. (2) These securities are owned by King Street Capital, L.P., King Street Capital, Ltd.. and King Street Institutional, Ltd.. King Street Capital Management, L.L.C. has been delegated investment advisory responsibilities by King Street Advisors, L.L.C., the General Partner of King Street Capital, L.P. and is also the investment manager of King Street Capital, Ltd. and King Street Institutional, Ltd.. O. Francis Biondi, Jr. and Brian Higgins are the managing members of King Street Capital Management, L.L.C. (3) Each of the reporting person and the joint filers disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that the reporting person or any joint filer is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or for any other purpose. /s/ Brian J. Higgins, Managing Member 2005-09-30