Wednesday, June 10, 2009
Appco Liquidation Sale Approved
Source: Convenience Store News
GREENEVILLE, Tenn. – Final court approval was given to sell the assets of Appalachian Oil Co. Inc. (Appco) of Blountsville, Tenn., which is currently navigating Chapter 11 bankruptcy proceedings in the United States Bankruptcy Court for the Eastern District of Tennessee, according to a statement by NRC Realty Advisors.
The action designates NRC Realty Advisors LLC, as the agent to execute the sale of 47 gasoline stations and convenience stores operated by Appco in northeastern Tennessee, southwestern Virginia and eastern Kentucky. Also approved were the sale procedures and NRC's accelerated sales schedule, the company stated.
Under the terms, Appco's stations will be offered for sale in a "buy one, some or all" format, where 26 stores were 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. 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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