Uni-Marts lenders object to proposed sale of Pennsylvania property

By Alice Popovici

New York, Oct. 23 - Uni-Marts, LLC lender trustee GE Capital Franchise Finance Corp. objected to the company's amended motion to sell its convenience stores to multiple buyers for a total of $18.92 million, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The objection pertains to a property in Waynesburg, Pa., which was added to the original sale motion as an amendment, according to the filing. As of April 1, Uni-Marts owes $201,777 on the mortgage of the property.

The sale motion "does not insure that GEFF's claim will be satisfied in full from the sale proceeds," the objection states. "Unless the sale price for the Waynesburg exceeds the GEFF claim, the sale cannot be authorized under Section 363."

As previously reported, Uni-Marts had originally requested permission to sell 138 stores in Pennsylvania, New York and Ohio to Kwik Pik, LLC for a total of $14.60 million and to sell the remaining 68 stores in Pennsylvania and New York to the 25 bidders who submitted the highest bids for $4.32 million.

Uni-Marts, a State College, Pa.-based convenience store operator, filed for bankruptcy on May 29, 2008. Its Chapter 11 case number is 08-11037.

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