Bulk Petroleum Reorganizes
New company "will own no real property" as it rises from bankruptcy
MEQUON, Wis. -- A "new" Bulk Petroleum Corp. will debut soon with a primary business "as a jobber selling gasoline on a wholesale basis. It will own no real property," said a confirmation order of the bankrupt company's reorganization plan.
A Milwaukee bankruptcy court judge approved the order July 15, clearing the way for the company, whose "actual name is yet to be determined," to sell its retail properties and pay off its debtors.
According to court documents accessed by CSP Daily News, Bulk Petroleum will sell 85 stores to three companies:
Convenience [image-nocss] Stores Leasing & Management LLC, a Wisconsin limited-liability company cased in Brookfield, Wis., will purchase five stores in Illinois, Kentucky and Wisconsin. GSD Petroleum LLC, a Wisconsin limited-liability company based in Mequon, Wis., will buy 57 stores and take over the leases of 13 stores in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Tennessee and Wisconsin. JT Petroleum Corp., a Wisconsin corporation, based in Mequon, Wis., will take ownership of four stores in Illinois, Indiana and Kentucky. Marathon Petroleum Co., Ashland, Ky., will assume ownership of four properties in Illinois and Kentucky as collateral for money it is owed by Bulk Petroleum, and another 63 stores or leases will become the property of nine banks owned money.
The officers of the new corporation will be:
President and treasurer Darshan S. Dhaliwal Vice president and secretary Debbie Dhaliwal Bulk Petroleum, also based in Mequon, Wis., filed for Chapter 11 reorganization in February 2010 as its business suffered due to the high gasoline prices of 2008, the loss of its BP franchise and plummeting real-estate values.
( Click here for previous CSP Daily News coverage of Bulk Petroleum.)