Established in 1983, the Company is a privately owned and operated, independently branded, chain of 28 convenience stores/gas stations, located in Southern Texas (Headquartered in McAllen, TX). Despite the Company’s TTM EBITDA of $3M, they were forced to file a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court in the Southern District of Texas in August 2014. April 30, 2015, the debtor entered into a purchase and sale agreement (the “Stalking Horse Contract”) with Susser Petroleum Property Company LLC to sell the debtor’s business and related assets for $28,000,000 plus the value of Fuel Inventory, Supplies Inventory, and Merchandise Inventory. On May 21, 2015, the U.S. Bankruptcy Court entered an Order approving the Stalking Horse Contract and related bid procedures.
Multiple Bid Package Structures including: Sale-Leaseback, Sale of the Business, Joint-Venture, Recapitalization, Refinance
The operating 28 convenience store/gas station chain is located throughout Hidalgo County, TX.