Gas City gets 71-day exclusivity extension to complete asset sale

By Lisa Kerner

Charlotte, N.C., April 13 - Gas City, Ltd. was granted a second extension to its exclusive periods for filing and soliciting votes on a plan of reorganization by the U.S. Bankruptcy Court for the Northern District of Illinois on April 13, according to an attorney familiar with the case.

The court extended Gas City's exclusive filing period to June 30 from April 20 and the solicitation period to July 30 from May 20.

As previously reported, the debtors said they needed additional time to complete the sale process "and determine the most beneficial conclusion and exit from bankruptcy for their estates and creditors."

A hearing to approve the sale of Gas City's assets is set for April 20.

Gas City, a gas station and truck stop operator based in Frankfort, Ill., filed for bankruptcy on Oct. 26. The Chapter 11 case number is 10-47879.

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