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CODY, Wyo. -- Nearly all of the assets of bankrupt Red Eagle Oil Inc. have been sold to Brad Hall & Assoc. Inc., as was outlined in a Sept. 12 court order from the U.S. Bankruptcy Court for the District of Wyoming.
According to Richmond, Va.-based Matrix Capital Markets Group Inc., which executed the sale, Brad Hall & Assoc. purchased 16 fee-owned convenience stores that offer motor fuels, as well as several bulk plants and transportation equipment. (A 17th store was not included in the sale).
Fifteen of the c-stores are located throughout Wyoming, with the other store in Hardin, Mont. Eight of the stores offer Exxon fuel, while the remaining stores sell unbranded fuels.
"This closing is the culmination of a successful sale process, which required a tremendous amount of hard work on the part of the debtor, the creditors and all of the professionals employed by the various constituents," said Cedric Fortemps, senior vice president at Matrix. "It was a pleasure to work with all of the individuals involved, and the successful result would not have been possible without the Hinze family's determination to continue to operate the companies under difficult circumstances."
Cody, Wyo.-based Red Eagle Oil filed for Chapter 11 bankruptcy in August. In its filing, the company cited the economic downturn and an inability over the past two years to collect some money it is owed. Additional court documents indicated Red Eagle had not been able to pay many of its bills since April. By filing for bankruptcy, the company originally hoped to reorganize, but also said it did not expect to be able to pay its creditors.
Matrix's Energy and Multi-Site Retail Group provides transactional advisory services to companies in the downstream energy and multi-site retail sectors, including convenience store chains, petroleum marketers, fuels distributors and fuels transportation companies.