Pumps on Again at PCF Saleco Sites in Albuquerque
Published in CSP Daily News
Operator gets another bankruptcy extension
ALBUQUERQUE, N.M. -- The gasoline is pumping again at several Albuquerque, N.M., Phillips 66 and Circle K stations, reported KOB-TV, after they were closed in late September when PCF Saleco LLC was at the target of an involuntary bankruptcy petition.
"PCF Saleco and Sunstore LLC have developed an operating agreement in which Sunstore LLC will begin supplying the Albuquerque-area stores with fuel," Phillips 66 said in a statement provided Monday to CSP Daily News.
Lone Tree, Colo.-based PCF Saleco is the owner and operator of 78 c-stores and gas stations. Groups of PCF Saleco stores in Albuquerque, Kansas City and elsewhere had dwindling inventory, and many closed, causing the fuel pump operations to shut down as well.
About three-dozen Kansas City-area Conoco and Phillips 66 stations that closed last month were again selling gasoline in mid-October after an operating agreement among GasMart USA, Phillips 66 and PCF Saleco allowed the pumps there to begin operating again.
(See Related Content below for previous CSP Daily News coverage.)
Meanwhile, PCF Saleco has received an additional extension to an involuntary bankruptcy petition filed by three industry suppliers on Aug. 31, 2012. A U.S. Bankruptcy Court judge approved the unopposed motion for further extension of time in which to respond to the involuntary petition to Nov. 30, according to court documents obtained by CSP Daily News.
PCF Saleco, a Lone Tree, Colo.-based owner and operator of 78 c-stores and gas stations, cited "further discussions and negotiations leading to an agreement by the parties to further extend [PCF Saleco's] time in which to answer, respond or otherwise plead" in the matter.
In mid-October, PCF Saleco received an extension until Oct. 31, citing extended contract negotiations with ConocoPhillips/Phillips 66.
In late September, PCF Saleco received a two-week extension from Sept. 27, citing a pending plan to reach a "successful conclusion" to negotiations with its gasoline supplier--Phillips 66--that would allow the company "to stabilize and focus upon its business operations."
PCF Saleco, which purchased its 78 stores from ConocoPhillips on Jan. 30, 2009, allegedly owes the three suppliers involved in the involuntary petition more than $1.65 million, according to the Chapter 11 documents filed with the District of Colorado Bankruptcy Court.
Distributor Core-Mark International Inc., South San Francisco, Calif., claims PCF Saleco owes it more than $1.64 million. D&H Pump Service Inc., a supplier of commercial fuel systems based in Albuquerque, N.M., said PCF Saleco owes it $10,778 and ACM Industries Inc., a restaurant-supply company, also of Albuquerque, claims PCF Saleco owes it nearly $3,000.