NASHVILLE, Tenn. -- Purvi Petroleum III LLC has put 28 operating convenience stores with gasoline up for sale.
All sites have been branded Marathon, but are being sold unbranded, as is. The properties are located in the greater metropolitan Nashville area, including Antioch (2), Brentwood (1), Columbia (3), Franklin (1), Gallatin (2), Hermitage (3), La Vergne (1), Murfreesboro (5), Nashville (5), Old Hickory (1) and Smyrna (3).
Gary M. Murphey of Resurgence Financial Services LLC, Atlanta, the Chapter 11 trustee for Purvi Petroleum [image-nocss] III, has been appointed to coordinate the sale.
The sale will be conducted in Courtroom III of U.S. Bankruptcy Court, Nashville, Tenn., is presently scheduled for Aug. 29, 2006, at 10:00 a.m.
Offers for individual stores will not be considered, and bids must include a 10% deposit. Bidders may visit the store sites, but are prohibited to disturb or make inquiries of store personnel. Purchasers found disturbing store personnel may be disqualified from bidding. Visit http://www.purvisale.com for details. All inquiries for additional store can be handled through Murphey@rfslimited.com.
As reported in CSP Daily News, Purvi Petroleum III, the owner under chief manager Hiralal Patel of 32 Kwik Sak and Speedway locations, filed for bankruptcy protection in November 2004, claiming assets of between zero and $50,000, and debts between $10 million and $50 million. The two largest debtors, according to court documents were Speedway SuperAmerica, owed $3.3 million, and Presto Food Stores, due $561,000.
Purvi Petroleum III, a unit of Orlando, Fla.-based Purvi Petroleum, bought the stores from Speedway SuperAmerica LLC in early 2002 from Bayview Financial Trading Group, Miami. Its related entities also operate a dozen stores in Florida and South Carolina, giving parent Purvi Petroleum an estimated 44 locations overall.
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