C-store chain blames fuel prices, card costs for Chapter 11; tries to sell off stores

摘要

Top executives with Uni-Marts say soaring fuel prices and credit card costs that have doubled in a year are partly to blame for the company's decision to seek Chapter 11 bankruptcy protection. The chain was also concerned that a plan to sell the chain's New York and Pennsylvania c-stores to a recently established firm in the Philadelphia area might not be finalized in time and, even then, might not provide enough cash to make payments on a bank loan obtained for the purchase of some Ohio retail sites. According to court filings, Uni-Marts owes around $21.5 million so far, much of it to fuel firms. The company's largest unsecured creditor is BP, owed more than $8.53 million. ExxonMobil is due $5.34 million and terminal operator Petroleum Products Corp. is out $5.0 million. Smaller suppliers are also awaiting payments. United Refining is looking for $94,767, Farm & Home wants $124,325 and Suburban Oil, based in Nanticore, Pa., is owed $211,776.