Gas City: Lender denied bid to stay order of $135 million asset sale

By Lisa Kerner

Charlotte, N.C., April 29 - Gas City, Ltd. secured lender First Community Bank of Homer Glen and Lockport was denied its request for a 14-day stay of the creamery assets sale closing, according to an attorney familiar with the case.

An emergency motion requesting the stay was filed on Thursday with the U.S. Bankruptcy Court for the Northern District of Illinois.

As previously reported, First Community, with claims in excess of $8 million, said it intended to pursue an appeal of the sale approval.

On April 26 the court approved the sale over the written objections of First Community and other secured lenders.

Gas City sold 60 of its gas stations, car washes, truck parking stations and vacant lots to 14 different buyers for $135.01 million.

The successful bidders included MKM Oil, Inc., First Coast Energy, LLP, Speedway LLC, TravelCenters of America LLC, Alimentation Couche Tard Inc., 7-Eleven, Inc., Angel Associates LP, Riteline Development LLC, Love's Travel Stops & Country Stores, Inc., HomeStar Bank & Trust, National Oil & Gas, Inc., American Petro, Inc., Western Refining Southwest, Inc. and Valero Retail Holdings, Inc.

Gas City, a gas station and truck stop operator based in Frankfort, Ill., filed for bankruptcy on Oct. 26, 2010. The Chapter 11 case number is 10-47879.

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