This month, motions were approved to sell 89 dealer locations to four wholesalers in three states, according to court documents.
Rogers Petroleum in Morristown, Tenn., purchased the "dealer business" for 46 of the sites for $521,784. Robert W. Agee Oil, Murfreesboro, Tenn., purchased 27 sites for $225,000. Highlands [image-nocss] Petroleum, Abingdon, Va., purchased nine sites for $33,042. Riggs Oil Co., Big Stone Gap, Va., purchased seven sites for $62,666. According to the documents, Appalachian Oil (Appco) supplied gasoline and other petroleum products to these dealer locations, which are owned and operated by others. At these sites, Appco generally owned the dispensing equipment, image investment, storage tanks, canopies, point-of-sale systems and lines and other equipment.
The documents note that shortly before Appco filed for Chapter 11 bankruptcy equipment, it was "unable to fulfill its obligations under the various supply agreements, and the dealers obtained or secured temporary or permanent supply arrangements with other petroleum companies."
Appco filed for Chapter 11 bankruptcy protection on Feb. 9, 2009, 17 months after being purchased by Dallas-based Titan Global Holdings Inc. in September 2007.
It is currently in the process of selling its 47 Appco-branded-stores in northeastern Tennessee, southwestern Virginia and eastern Kentucky. The bidding process for those sites is being overseen by NRC Realty & Capital Advisors LLC, Chicago.
Click herefor previous CSP Daily News coverage.
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