Friday, September 2, 2016
Reorganization Plan Lifts Western Convenience Stores Out of Chapter 11 Bankruptcy
Source: Convenience Store DecisionsBy CSD Staff
Successful reorganization and payment in full to all creditors has pulled Western Convenience Stores out of chapter 11 bankruptcy.
On Dec. 28, 2015, Western Convenience Stores Inc. filed a chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the District of Colorado, and on Sept. 1, 2016, the company announced that it is now poised to emerge from bankruptcy. Since the initial filing, the company has successfully consummated its plan of reorganization through which all creditors were paid in full, which has put the company in its position to emerge from chapter 11 bankruptcy.
The company owns and operates 44 convenience stores in Colorado and western Nebraska. Western has been operating its stores as debtor-in-possession since the filing date and has been working diligently to obtain exit financing. The implementation of the plan was facilitated by a secured loan facility provided by affiliates of Garrison Investment Group. NRC Realty & Capital Advisors LLC served as exclusive financial advisor to Western and its affiliates in connection with the financing.
“I am very pleased to announce the completion of the company’s plan of reorganization and the payment in full of all creditors. Thanks to the assistance of Garrison Investment Group, Western is now well positioned to grow and prosper and take advantage of the many opportunities ahead,” said Hossein Taraghi, president of Western Convenience Stores Inc. “In addition, I want to express my appreciation to NRC Realty & Capital Advisors for the invaluable assistance they provided in securing and structuring exit financing for us on terms which will ensure our future success.”