FFP Sale Adds Properties
More real estate added to c-stores, supply agreements on block
FORT WORTH, Texas -- FFP Operating Partners LP has signed an agreement with multiple entities that have agreed to include their real estate in the sale of FFP's assets at those locations. FFP announced on September 14 that it was offering to sell 115 operating convenience stores and fuel supply agreements through an auction to be managed by Matrix Capital Markets Group Inc.
With the addition of these properties to the sale, 28 of the locations are owned in fee and 74 of the locations are leased, and at 13 stores, FFP is only selling its fuel supply agreement.[image-nocss]
Some 88 of FFP's stores are located in Texas, seven are in Tennessee, five are in Louisiana, five are in Missouri, four are in Mississippi, three are in Kentucky, and one each is in New Mexico, Oklahoma and Arkansas.
All of the stores sell a traditional assortment of c-store merchandise and motor fuels; 48 of FFP's stores offer CITGO-branded motor fuels, 52 offer unbranded fuels and the other stores offer other branded motor fuels.
The auction is being held pursuant to the sale procedures approved by the U. S. Bankruptcy Court for the Northern District of Texas. The actual sales of the stores are subject to the approval of the court pursuant to the Chapter 11 plan and a sale motion to be filed with the court. The stores are being sold free and clear of liens, claims and encumbrances.
According to the bid procedures, which have been approved by the court, bids can be submitted on individual stores, predetermined groups of stores and for all of the stores. FFP will also consider pre-emptive and stalking-horse bids. All bids must be submitted on or before 5:00 pm EDT on Dec. 2, 2005, or such other deadline approved by the court. Bidders submitting qualified bids, as defined in the sale procedures, will be invited to attend the auction on Dec. 14, 2005.
To receive a bid package and for more information on the stores and the bidding and auction process, visit Matrix's website, www.matrixcapitalonline.com.