Wednesday, August 26, 2009
Appco Sale Nears FinalizationThe Appco convenience store chain in eastern Tennessee, in bankruptcy since early this year, is slated to be sold to Florida Sunshine Investments, the same company that recently bought sister-company Crescent Oil Co. of Independence, Kansas. The announcement was made by Denny Ruben, Managing Director of NRC Realty & Capital Advisors, LLC (NRC), which is handling the Appco sale under direction of the bankruptcy court.
Appco?s bankruptcy attorney, Mark Dessauer, filed a motion late Tuesday asking that the sale to Florida Sunshine Investments be approved. The motion called the offer of $6.25 million plus cost of inventory "the highest and best bid for the assets of (Appco)." Florida Sunshine Investments? bid is subject to Judge Marsha Parsons? approval.
Appco has asked that Parsons hear the motion to sell the company next Tuesday, September 1. The deal would safeguard employees? jobs at the 47 company-owned stores in the sale. Appco?s Chief Restructuring Officer, Andy Weber, Senior Vice President at NRC, was appointed by the court April 14 and charged with selling the company. He called the retention of the roughly 350 employees a big plus and a priority.
"Throughout the sale there have been multiple, week-to-week twists and turns. Drawing on NRC?s expertise in handling divestitures of distressed assets has allowed us to continue operations to reach a successful exit on behalf of the creditors," said Weber.
Florida Sunshine Investments? president, Bret Berlin, has told the press, "We?re in acquisition mode and looking to acquire other sites and other companies."
As has been reported previously, Appco?s financial difficulties became public knowledge earlier this year, leading up to a filing for Chapter 11 bankruptcy reorganization on February 9. Weber was named Chief Restructuring Officer on April 14. Separately, on June 10, NRC was designated by the Bankruptcy Court as Sales Agent for the 47 operating gasoline stations and convenience stores. At that time, an accelerated sales process was approved, with a bid deadline of July 9.
NRC Realty & Capital Advisors, LLC has extensive experience in the sale of convenience stores and gasoline stations, including sales of whole operating companies. NRC provides a full array of real estate and financial advisory services to the convenience store and petroleum industries. In addition, NRC specializes in the accelerated sale of North American commercial and residential real estate. Since its inception in 1989, NRC has