BOCA RATON, Fla. -- Chapter 11 bankruptcies have been filed for four related companies managed by Mahammad Qureshi involving 22 gas stations across the state of Florida, according to a report by The South Florida Business Journal. The Boca Raton, Fla.-based Super Stop Petroleum, MAQ Management, Super Stop Petroleum I and Super Stop Petroleum IV, filed for Chapter 11 reorganization on June 15.
The companies listed a combined $24.2 million in claims--mostly mortgages from lenders such as Branch Banking & Trust Co. , Fifth Third Bank and Iberiabank, said the [image-nocss] report.
Several foreclosure lawsuits brought on the bankruptcy filings, the newspaper said. The most recent case was filed in April in Martin County by Iberiabank against Super Stop Petroleum. It concerned a $3.7 million mortgage on stations in Lantana, Stuart and Port St. Lucie.
Other South Florida stations and convenience stores involved in the bankruptcy filings are located in Pembroke Park, Lantana, Fort Lauderdale, Hollywood and Opa Locka, added the Business Journal.
Brands operated by Qureshi include Super Stop, SUBCO and PetroAmerica, according to MAQ Group's website. The Super Stop brand is primarily used in the more traditional c-store business model. MAQ Group uses the Super Stop brand to re-brand acquired c-stores from other major operators such as Farm Stores. Super Stop Petroleum also operates as a petroleum wholesaler providing branded and unbranded gasoline to many stations.
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