One of the most problematic roles banks play in the bankruptcy labyrinth is as financial advisers, and observers say Bankers Trust New York Corp. soon may face a conflict in its dealings with the ailing Grand Union Co.

Bankers Trust and Goldman, Sachs & Co. are acting as financial advisers to Grand Union, a New Jersey-based supermarket chain. But industry sources say Grand Union soon may be forced to file for Chapter 11 protection from creditors.

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