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BALTIMORE -- The sale of all of the retail convenience stores and petroleum distribution assets of Uni-Marts LLC to Kwik Pik LLC, an affiliate of Lehigh Gas Corp., closed Jan. 8, 2010, according to Matrix Capital Markets Group Inc.
The sale of the assets -- which were located in Ohio, Pennsylvania and New York -- was related to a 2008 Chapter 11 bankruptcy case in the United States Bankruptcy Court for the District of Delaware. The assets were sold pursuant to court orders approving the sale of the assets to various purchasers, the company stated.
A total of 144 assets were purchased by Kwik Pik, with the closing of 138 sites on Dec. 30, 2009, and the remaining six assets on Jan. 8, 2010. Another 60 assets were sold to 25 various other purchasers, and closed between Oct. 30, 2009 and Jan. 7, 2010.
"These closings are the culmination of a highly successful sale process that required an enormous amount of hard work on the part of the debtors, the debtors' professionals, the professionals employed by the official committee of unsecured creditors and Kwik Pik," Thomas E. Kelso, managing director and principal of Matrix, said in a statement.
Kwik Pik purchased 59 company-operated locations and 85 wholesale dealer accounts, nine of which included real estate control. In addition, 53 of the assets purchased by other buyers were company-operated locations and seven were wholesale dealer accounts, all of which included real estate control.
In addition to Matrix, debtors were represented by the law firm of Hunton & Williams LLP and the financial consulting firm, Protiviti Inc. The official committee of unsecured creditors was represented by the law firm of Blank Rome LLP and the financial advisory firm of Mesirow Financial.
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