Uni-Marts files Chapter 11 bankruptcy

By Caroline Salls

Pittsburgh, May 30 - Uni-Marts, LLC filed Chapter 11 bankruptcy Thursday in the U.S. Bankruptcy Court for the District of Delaware.

According to a declaration filed by Uni-Marts' manager and vice president, Alex D. Sahakian, "the overall condition of the economy, aggressive competition in the areas in which the debtors operate, increased fuel and other inventory prices and other unforeseen matters generally outside of the debtors' control that have occurred over the last 12 to 18 months have seriously depleted the debtors' cash reserves."

In addition, Sahakian said these factors "prevented [the debtors] from executing on their business plans, tightened their operating margins and threatened their ability to continue as a going concern."

The company said it has $50 million to $100 million in both assets and debt.

Uni-Marts' largest unsecured creditors include:

• BP Products North America Inc., Warrenville, Ill., with an $8.54 million trade claim;

• Exxonmobil Oil Corp., Fairfax, Va., with a $5.35 million trade claim;

• Petroleum Products Corp., Harrisburg, Pa., with a $5.1 million trade claim;

• McLane, Baldwinsville, N.Y., with a $4.62 million trade claim; and

• Saul Ewing Remick & Saul LLP, Wayne, Pa., with a $1.25 million legal services claim.

Uni-Marts was taken private under a 2004 acquisition by Green Valley Acquisition Co., LLC.

Uni-Marts is a State College, Pa.-based convenience store operator. Its Chapter 11 case number is 08-11037.

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