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BALTIMORE -- Kwik Pik LLC, an affiliate of Lehigh Gas Corp., was approved as the stalking horse bidder by the bankruptcy court overseeing the asset sale of convenience store operator Uni-Marts LLC, which is being handled by Matrix Capital Markets Group Inc.
The court also approved revised auction procedures, where a live auction to determine the ultimate buyer or buyers is scheduled for Sept. 23, 2009.
"We are extremely pleased Kwik Pik was 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," Tom Kelso, managing director and principal of Matrix, said in a statement.
Under the terms of the agreement, Uni-Marts assets are being sold “as is, where is” for a purchase price of $10 million for Ohio assets and $6.7 million for Pennsylvania and New York assets, with no environmental or financing contingencies, Matrix stated.
The approved auction procedures allow bids on the entire company, groups of assets and individual stores. Qualified bidders that have fulfilled the bid requirements as defined in the court-approved auction procedures, and submitted offers by the Sept. 16 deadline, will be invited to attend the auction.
Asset purchase agreements for single assets and smaller groups of assets are available through Matrix.
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