Uni-Marts disclosure statement approved; confirmation hearing Nov. 6

By Caroline Salls

Pittsburgh, Oct. 6 - Uni-Marts, LLC received court approval of the disclosure statement for its plan of liquidation Monday from the U.S. Bankruptcy Court for the District of Delaware.

The plan confirmation hearing is scheduled for Nov. 6.

A five-year liquidation trust will be established under the plan to liquidate the company's remaining assets and make plan distributions.

Treatment of creditors will include:

• Holders of administrative claims, priority non-tax claims and other secured claims will be paid in full;

• Holders of priority tax claims will either be paid in full in cash on the plan effective date or over an up to five-year period with interest;

• Holders of Comerica secured claims will receive a new Comerica note;

• Holders of general unsecured claims against Uni-Marts will receive class A interests in the liquidation trust and receive distributions from the trust based on those interests;

• Holders of general unsecured claims against Uni-Marts Ohio will receive class B interests in the liquidation trust and receive distributions from the trust based on those interests;

• Holders of general unsecured claims against subsidiary debtors will receive class C interests in the liquidation trust and receive distributions from the trust based on those interests;

• Holders of convenience claims will receive a share of a convenience class fund;

• Holders of interests in Uni-Marts will receive no distribution; and

• Holders of interests in Uni-Marts Ohio and subsidiary debtors will receive no distribution unless all allowed claims are paid in full, in which case these interests will not be canceled.

Uni-Marts, a State College, Pa.-based convenience store operator, filed for bankruptcy on May 29, 2008. Its Chapter 11 case number is 08-11037.

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