Uni-Marts asset sale approved

By Caroline Salls

Pittsburgh, Sept. 19 - Uni-Marts, LLC was granted court approval of the sale of substantially all of its assets to Atlantis Petroleum LLC, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Atlantis Petroleum has agreed to pay $9.2 million for Uni-Marts' Pennsylvania and New York convenience stores and dealer business and $8.5 million for its Ohio convenience stores.

In addition, Atlantis will pay the rack rate for fuel inventory on hand at closing; an amount equal to between 73% and 85% of the retail price for the inside convenience store inventory, depending on the type of convenience store; the net book value of the company's vehicles; and adjustments related to the pro-rated portion of property and other taxes.

Uni-Marts, a State College, Pa.-based convenience store operator, filed for bankruptcy on May 29. Its Chapter 11 case number is 08-11037.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.