Uni-Marts emerges from bankruptcy, plan of liquidation takes effect

By Caroline Salls

Pittsburgh, May 28 - Uni-Marts, LLC emerged from Chapter 11 bankruptcy when its plan of liquidation took effect on Friday, according to a filing with the U.S. Bankruptcy Court for the District of Delaware.

The plan was confirmed on Dec. 30.

Under the plan, the company's remaining assets will be liquidated, with proceeds to be distributed to creditors.

In March, Uni-Marts asked the court to remove all mention of a plan advisory committee from the plan after it was unable to secure enough unsecured creditor interest to serve on the advisory group.

Uni-Marts said the related plan changes were administrative in nature and did not affect creditor treatment.

Treatment of creditors will include:

• Holders of administrative claims, priority non-tax claims and other secured claims will be paid in full;

• Holders of priority tax claims will either be paid in full in cash on the plan effective date or over an up to five-year period with interest;

• Holders of Comerica secured claims will receive a new Comerica note and proceeds from the sale of property on which Comerica has a lien;

• Holders of general unsecured claims against Uni-Marts will receive class A interests in a liquidation trust and receive distributions from the trust based on those interests;

• Holders of general unsecured claims against Uni-Marts Ohio will receive class B interests in the liquidation trust and receive distributions from the trust based on those interests;

• Holders of general unsecured claims against subsidiary debtors will receive class C interests in the liquidation trust and receive distributions from the trust based on those interests;

• Holders of convenience claims will receive a share of a convenience class fund;

• Holders of interests in Uni-Marts will receive no distribution; and

• Holders of interests in Uni-Marts Ohio and subsidiary debtors will receive no distribution unless all allowed claims are paid in full, in which case these interests will not be canceled.

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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