• Vacant Lots Owned by Gas City to be Auctioned by Bankruptcy Court

    Gas City, LTD is putting five vacant properties up for auction in June 2011. The company filed for Chapter 11 bankruptcy protection in October of 2010.

    The properties going for auction range in size from three acres to more than 46 acres. They are located in Will County, Ill and Montgomery County, Ind.

    Bids are due Wednesday, June 22, and the auction is scheduled for 10:00 a.m. on Friday, June 24.

    The auction is part of the ongoing breakup of Gas City. The company cited more than 1,000 creditors and estimated liabilities of more than $100 million in its bankruptcy filing. Published reports say that the debt totals $365 million.

    The company’s 50 retail sites were auctioned to the highest qualified bidders in April of 2011 for a total of approximately $135 million. According to bankruptcy court records, some of the purchasers are Speedway, TravelCenters of America, 7-Eleven, Inc., and Valero Retail Holdings, Inc.

    Before filing for bankruptcy protection, Gas City was a family-owned and -operated petroleum marketer and convenience store chain with 50 locations located around the United States. Gas City was founded in 1966 with one convenience store by current president William J. McEnery.

    If you are considering filing for bankruptcy and would like to learn more about the process, contact a Chicago bankruptcy attorney for more information.