RICHMOND, Va. -- Matrix Capital Markets Group Inc. has announced the closing on substantially all of the assets of FFP Operating Partners LP, owner and operator of convenience stores, gas stations and fuel supply agreements in the South and Midwest.
In late 2005, Matrix received approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to market 114 of FFP's locations. FFP has sold, received consideration for or has under contract 89 of the stores and supply agreements. The 80 transactions that have been completed were [image-nocss] sold to 50 purchasers, including Petroleum Wholesale LP's acquisition of eight supply agreements and Naeem Khalid's acquisition of seven stores.
Fort Worth, Texas-based FFP has received consideration from an existing landlord for another seven stores.
In total, FFP locations sold approximately 48 million gallons of motor fuels and $28 million of merchandise goods during the 12-month period ended June 2005; 88 of FFP's stores and supply agreements are located in Texas, seven are in Tennessee, five are in Missouri, four each are in Louisiana and Mississippi, three are in Kentucky and there is one store each in New Mexico, Oklahoma and Arkansas.
Matrix served as the exclusive financial advisor for the debtor, FFP, in its Chapter 11 bankruptcy case. Tom Kelso, managing director and head of the Energy & Multi-Site Retail Group at Richmond, Va.-based Matrix, managed the transaction. This was a difficult assignment because the bankruptcy case had been ongoing for nearly two years before the decision was made to sell the assets and hire Matrix, said Kelso. In addition, prior to filing bankruptcy, FFP had tried to market the assets and many potential purchasers had already looked at the assets and taken a pass. Despite facing these challenges, we believe that because of our unique sale process and the efforts of Mark Lipscomb and the FFP team, the results for the creditors have been excellent.
The remaining locations still for sale can be found on the Matrix website at http://www.matrixcapitalonline.com/ffpauction/ffp_storelist.html.
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