Thursday, June 11, 2009
Local Appco Stations To Hit the Auction Block
Source: Bristol Herald CourierBy Michael Owens
The Blountville, Tenn.-based Appco chain of gas stations and convenience stores is up for sale following Wednesday's approval by U.S. Bankruptcy Judge Marsha Parsons.
The sale will allow Appco, also known as Appalachian Oil, to pay off creditors owed nearly $10 million.
Managing sales company NRC Realty Advisors, of Chicago, announced in a Wednesday news statement that sealed bidding for Appco will begin today and end July 9.
Appco CEO Marty Anderson could not be reached for comment Wednesday night.
Under Judge Parsons' ruling, bidders can buy Appco's 47 gas stations - including 14 in Virginia and 24 in Tennessee - in a "buy one, some or all" format. NRC has subdivided some stores for group purchase based on current property leases.
By Wednesday evening, NRC had posted a bidding site at www.nrc.com/906 listing the Appco stations in Virginia, Tennessee and Kentucky along with pictures and addresses. The site lists the stations by state.
Each location's financial summaries, lease information and detailed property descriptions will be made available only to prospective bidders.
Appco filed for Chapter 11 bankruptcy protection in February in a last-ditch effort to stave off creditors. But the chain's problems became painfully evident in January, when Appco gas pumps ran dry, store shelves remained empty and business hours were cut.
Under the bankruptcy filing, Appco was allowed to allocate money for gas and product purchases. Stores have run on a regular pace since.
A complete list of stores is available online at www.nrc.com/906, or by calling (800) 747-3342, ext. 906.
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