JOINT FILING AGREEMENT

                                                             Page 22 of 39 Pages

                                    EXHIBIT C

                             JOINT FILING AGREEMENT

          The  undersigned  hereby agree that the statement on Schedule 13D with
respect to the Common Stock of The Penn Traffic Company dated August 9, 1999 is,
and any amendments  thereto signed by each of the undersigned shall be, filed on
behalf of each of us pursuant to and in accordance  with the  provisions of Rule
13d- 1(f) under the Securities Exchange Act of 1934.

Date:     August 9, 1999

                                        XXXXX FUND MANAGEMENT LLC

                                        By:  /S/ XXXX X. XXXXXX
                                             ----------------------------------
                                             Xxxx X. Xxxxxx
                                             Managing Director


                                        XXXXXX XXXXX

                                        By:  /S/ XXXX X. XXXXXX
                                             ----------------------------------
                                             Xxxx X. Xxxxxx
                                             Attorney-in-Fact


                                        XXXXXXX X. XXXXXXXXXXXXX

                                        By:  /S/ XXXX X. XXXXXX
                                             ----------------------------------
                                             Xxxx X. Xxxxxx
                                             Attorney-in-Fact


                                                             Page 23 of 39 Pages



                                        SATELLITE ASSET MANAGEMENT, L.P.

                                        By:  Satellite Fund Management LLC
                                             its General Partner

                                        By:  /S/ XXXX X. XXXXXXXXXX
                                             ----------------------------------
                                             Xxxx X. Xxxxxxxxxx
                                             Managing Member


                                        SATELLITE FUND MANAGEMENT LLC

                                        By:  /S/ XXXX X. XXXXXXXXXX
                                             ----------------------------------
                                             Xxxx X. Xxxxxxxxxx
                                             Managing Member


                                        XXXX XXXXXXX

                                        /S/ XXXX XXXXXXX
                                        ---------------------------------------


                                        XXXX X. XXXXXXXXXX

                                        /S/ XXXX X. XXXXXXXXXX
                                        ---------------------------------------


                                        XXXXXXX XXXXXXXXX


                                        /S/ XXXXXXX XXXXXXXXX
                                        ---------------------------------------