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Picking a Kwik Horse

Court approves Kwik Pik as stalking-horse bidder in Uni-Marts bankruptcy asset sale
BALTIMORE, Md. -- The Delaware District of The U.S. Bankruptcy Court has approved Kwik Pik LLC, an affiliate of Lehigh Gas Corp., as the stalking horse bidder in the Uni-Marts bankruptcy asset sale. The court also approved the revised auction procedures and the live auction to determine the ultimate buyer or buyers of the assets is scheduled for September 23, 2009.

Under the terms of the Kwik Pik agreement ,the Uni-Marts assets are being sold on an "as-is, where-is" basis for a purchase price of $10 million for the Ohio assets and $6.7 million for the assets located in Pennsylvania [image-nocss] and New York with no environmental or financing contingencies.

The court-approved auction procedures in this case allow bidders to bid on the entire company, groups of assets and on individual stores in order to compete against Bethlehem, Pa.-based Kwik Pik.

Asset purchase agreements for single assets and smaller groups of assets are available for prospective buyers through Matrix Capital Markets Group Inc., Richmond, Va. Only qualified bidders, those that have fulfilled the bid requirements as defined in the court-approved auction procedures and submitted offers by the bid deadline of September 16, 2009, will be invited to attend the auction on September 23.

Tom Kelso, managing director and principal of Matrix, said, "We are extremely pleased that Kwik Pik has been approved as the stalking horse, and we look forward to a highly competitive auction which will result in an excellent return to the Uni-Marts creditors."

Click herefor previous CSP Daily News coverage of the Uni-Marts bankruptcy.

Matrix's Energy & Multi-Site Retail Group provides transactional advisory services to companies in the downstream energy and multi-site retail sectors. It provides advisory services to complete merger and acquisition transactions, private debt and equity raises, corporate restructurings and corporate valuation and long-term planning engagements. Matrix Capital Markets Group is a leading middle-market investment bank headquartered in Richmond, Va. It focuses on providing merger and acquisition and financial advisory services for corporate and privately held companies, including sales and divestitures, staged liquidity transactions, management buyouts and debt and equity placements.

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