Gas City Breakup Continues
Vacant lots to be auctioned by bankruptcy court following sale of 50 retail sites
CHICAGO -- After selling off its 50 convenience stores and truck stops to 14 different bidders, bankrupt Gas City LTD is putting five vacant properties up for auction this month. The company, which filed for Chapter 11 bankruptcy protection October 28, is selling five properties ranging in size from three acres to more than 46 acres in Will County, Illinois, and Montgomery County, Indiana, according to court documents accessed by CSP Daily News.
Bids for the properties are due Wednesday, June 22, and an auction is scheduled for 10:00 a.m. Friday, June 24.
The [image-nocss] auction continues the breakup of Gas City, which cited more than 1,000 creditors and estimated liabilities of more than $100 million in its bankruptcy filing, as previously reported by CSP Daily News. Published reports say that debt totaled $365 million.
In April, the Frankfort, Ill.-based company's 50 retail sites were auctioned to the highest qualified bidders for a total of about $135 million. According to court records, those stores were divvied up as follows: Speedway LLC (23 sites). TravelCenters of America LLC (six sites). Alimentation Couche-Tard Inc. (five sites). MKM Oil (three sites). Love's Travel Stops & Country Stores Inc. (two sites). National Oil & Gas Inc. (two sites). Western Refining Southwest Inc. (two sites). One site each for 7-Eleven Inc., American Petro Inc., Angel Associates LP, First Coast Energy LLP, HomeStar Bank & Trust, Riteline Development LLC and Valero Retail Holdings Inc.
Alternate bidders included Thorntons Inc., Pilot Travel Centers LLC, Family Express Corp., Road Ranger LLC and Atlas Oil Co.
Prior to filing bankruptcy, Gas City was a family-owned and -operated petroleum marketer and c-store chain with 50 locations (including nine Steel City truckstops) in northeast Illinois, northwest Indiana, Florida and Arizona. The company was founded in Chicago in 1966 with one c-store by current president William J. McEnery.
(Click here for previous CSP Daily News coverage of the Gas City bankruptcy.)