Gas City gets three-month exclusivity extension to complete sale

By Lisa Kerner

Charlotte, N.C., Feb., 15 - Gas City, Ltd. was granted an extension to its exclusive periods for filing and soliciting votes on a plan of reorganization by the U.S. Bankruptcy Court for the Northern District of Illinois on Tuesday, according to an attorney familiar with the case.

The court extended the company's exclusive filing period to May 24 from Feb. 23 and the solicitation period to July 22 from April 23.

Because of the large size of its business and the complexity of its asset sale process, Gas City had asked the court for additional time to complete the sale process and determine the best way to exit bankruptcy, based in part on the sale results.

Gas City, a gas station and truck stop operator based in Frankfort, Ill., filed for bankruptcy on Oct. 26. The Chapter 11 case number is 10-47879.

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