Wednesday, June 10, 2009
NRC Realty's Weber Appointed to Market, Sell APPCO Assets
Source: The Oilspot News
Judge Marsha Parsons of the U.S. Bankruptcy Court for the Eastern District of Tennessee on April 14 approved the appointment of P.A. (Andy) Weber, III, to be chief restructuring officer of Appalachian Oil Company, Inc.
Weber is currently senior vice president of NRC Realty & Capital Advisors, LLC, which sent out the news release announcing the appointment.
The news release said Weber will be responsible for all operational and financial matters for Appalachian as well as efforts to market and sell the company's assets. Appalachian is currently operating under bankruptcy protection.
The appointment of Weber is part of a broader agreement between Appalachian and its creditors, including principal secured creditor Greystone Business Credit II, LLC to facilitate a sale of the company and its assets.
In connection with that agreement, Appalachian will file an application with the court seeking to retain NRC Realty Advisors to serve as its sales agent.
Blountville, Tenn.-based Appalachian Oil Co. operates some 55 convenience stores in the state and Kentucky. The company's financial difficulties became public knowledge earlier this year, leading up to a filing for Chapter 11 bankruptcy protection on Feb. 9.
At an early April hearing, landlords for many of Appalachian's retail gasoline and c-store facilities asked for permission to terminate leases on stores and evict the company, but the court gave the company an additional week to find a solution and to pay the delinquent rent.
Although no specific timeline has been established for placing the company or its assets on the market, it is "likely to be a matter of a very few weeks," according to Weber.
Based on NRC's extensive experience in the sale of c-stores and gasoline stations, Webber said they will be "reaching out to companies we know who are qualified purchasers likely to have an interest in buying all or parts of this company, but we will also be welcoming inquiries from other prospective bidders."
A complete list of stores is available online at www.nrc.com/906, or by calling (800) 747-3342, ext. 906.