Universal Sale Details
Published in CSP Daily News
Bankruptcy court orders sale of 21 locations in Delaware, Maryland, Pennsylvania
WILMINGTON, Del. -- An order granting the bankruptcy sale of 21 gas and convenience stores in Delaware, Maryland and Pennsylvania owned by branded supplier, wholesaler and retailer Universal Marketing Inc. was issued on October 27, 2010, in U.S. Bankruptcy Court, Eastern District of Pennsylvania.
Universal Marketing filed for chapter 11 bankruptcy protection on July 23, 2009, with more than $12 million owed to its 20 largest creditors. The petition is signed by Gurmeet Batra, president of the company. ( Click here for previous CSP Daily News coverage.)
The case was converted to a chapter 7 bankruptcy on August 18, 2009.
The sites are located in Bridgeville, Camden, Dover (4), Seaford (2), Del.; Cambridge, Chestertown (2), Easton, Federalsburg, Preston, Salisbury (4), Snow Hill, Md.; and Denver and Gap, Pa. Gasoline brands mainly include CITGO and Gulf.
As reported yesterday in a Morgan Keegan/CSP Daily News Flash, Tranzon Auction Properties, Portland, Maine, along with partners Tranzon Fox and Tranzon Alderfer, announced that they have been engaged to market the bankruptcy sale.
The Wilmington, Del.-based company supplies gasoline, diesel and other fuel products to 10 states, including Delaware, Maryland, Pennsylvania, New Jersey, New York, Virginia, North Carolina, South Carolina, Tennessee and Florida. It also owns and operates chain of convenience stores and provides franchising services to retailers.
"We're pleased to bring these properties to market," said Tom Saturley, president of Tranzon Auction Properties. "This is an outstanding portfolio of fuel supply and convenience store locations, and a rare opportunity for buyers to increase their holdings or expand into new territories."
Jeff Stein, vice president of Tranzon Fox and the primary point of contact for buyer questions on this sale, added, "We will be offering these properties as individual lots and in combinations. This process allows for the greatest flexibility for buyers and allows individuals as well as larger organizations to participate in the process."
All 21 locations will be offered for sale at an auction in Annapolis, Md., on December 9, 2010.
For a complete list of properties, click here.