Bankrupt Uni-Marts to be Auctioned
RICHMOND, Va. -- Uni-Marts LLC and its subsidiaries will sell 210 operating convenience stores and dealer locations in Pennsylvania, New York and Ohio, through a sale process to be managed by Matrix Capital Markets Group Inc.
The sale is part of a sale procedures motion submitted by the company in its Chapter 11 bankruptcy case, and is subject to court approval. A previous purchase contract between Uni-Marts and Atlantis Petroleum expired without a transaction being consummated, and Uni-Marts elected to re-market the assets, or the equity of the reorganized debtor in a process managed by Matrix, where prospective buyers may make offers for individual assets, groups of assets, or all of the assets, according to Matrix.
The assets will be sold free and clear of liens, claims and encumbrances to the extent permitted by the bankruptcy process, Matrix stated. Stalking horse bids will also be considered for all or significant portions of the assets or equity, the company stated. The deadline for selection of a stalking horse is on or before June 30, 2009. All other bids must be submitted on or before 4 p.m. EDT Aug. 13, 2009.
Some of Uni-Marts' assets have undergone substantial changes related to operating expenses and business model which have "substantially improved profitability," according to Matrix. The changes include: negotiated lower monthly rents on its third-party leasehold assets, which have improved cash flows; and assigned a majority of its dealers responsibility to pay the third-party leasehold expenses directly to the prime landlord, removing Uni-Marts from the middle of the lease, but keeping the dealer contractually bound to Uni-Marts under fuel supply agreements.
More information about the sale can be found on Matrix’s Web site -- www.matrixcapitalonline.com/unimart/intro.htm.
Related News:
Uni-Marts Files for Chapter 11
The sale is part of a sale procedures motion submitted by the company in its Chapter 11 bankruptcy case, and is subject to court approval. A previous purchase contract between Uni-Marts and Atlantis Petroleum expired without a transaction being consummated, and Uni-Marts elected to re-market the assets, or the equity of the reorganized debtor in a process managed by Matrix, where prospective buyers may make offers for individual assets, groups of assets, or all of the assets, according to Matrix.
The assets will be sold free and clear of liens, claims and encumbrances to the extent permitted by the bankruptcy process, Matrix stated. Stalking horse bids will also be considered for all or significant portions of the assets or equity, the company stated. The deadline for selection of a stalking horse is on or before June 30, 2009. All other bids must be submitted on or before 4 p.m. EDT Aug. 13, 2009.
Some of Uni-Marts' assets have undergone substantial changes related to operating expenses and business model which have "substantially improved profitability," according to Matrix. The changes include: negotiated lower monthly rents on its third-party leasehold assets, which have improved cash flows; and assigned a majority of its dealers responsibility to pay the third-party leasehold expenses directly to the prime landlord, removing Uni-Marts from the middle of the lease, but keeping the dealer contractually bound to Uni-Marts under fuel supply agreements.
More information about the sale can be found on Matrix’s Web site -- www.matrixcapitalonline.com/unimart/intro.htm.
Related News:
Uni-Marts Files for Chapter 11