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Wednesday, June 10, 2009

Bankruptcy Judge Approves Appco Sale

Source: CSP Daily News
GREENEVILLE, Tenn. – Judge Marsha Parsons of the U.S. Bankruptcy Court for the Eastern District of Tennessee today gave final approval for the prompt sale of the assets of Appalachian Oil Co. Inc. (Appco) of Blountsville, Tenn., a company in Chapter 11 bankruptcy proceedings. Today's action designates NRC Realty Advisors LLC as the agent to execute the sale of 47 gas stations and convenience stores operated by Appco in northeastern Tennessee, southwestern Virginia and eastern Kentucky.

All stores are leasehold properties. Also approved today were sale procedures and NRC's accelerated sales schedule.

Under the terms approved today, Appco's stations will be offered for sale in a "buy one, some or all" format; 26 stores have been subdivided into small groups of stores operating under six regional master leases. Bids on master lease stores must include all stores within each regional master lease.

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