LONE TREE, Colo. -- A bankruptcy court in Colorado is waiting to hear from a three-year-old convenience retailing company following an involuntary petition of bankruptcy being filed against it by three industry suppliers.
PCF Saleco LLC, a retail chain spun off of K&G Petroleum sometime after 2008, allegedly owes the three suppliers, including its major product distributor, more than $1.65 million, according to the Chapter 11 documents filed with the District of Colorado Bankruptcy Court, as reported in a Raymond James/CSP Daily News Flash on Tuesday.
Distributor Core-MarkInternational Inc., South San Francisco, Calif., claims it is owed more than $1.64 million. D&H Pump Service Inc., a supplier of commercial fuel systems based in Albuquerque, N.M., said it is owed $10,778, and ACM Industries Inc., a restaurant-supply company, also of Albuquerque, claims it is owed nearly $3,000.
Court records show the involuntary petition was delivered to PCF Saleco, Lone Tree, Colo., on September 6, but company executives have yet to respond. The involuntary petition for Chapter 11 bankruptcy was filed August 31.
CSP Daily Newspreviously reported that a couple dozen ConocoPhillips/Circle K-branded stores around Albuquerque have posted "cash-only" signs on their gasoline dispensers and store windows, and pumps at several stores had run out of gasoline, citing employees and customers interviewed by The Albuquerque Journal. Also, several Phillips 66-branded stations in Kansas City owned by PCF Saleco, according to reports, temporarily shut down due to "financial difficulties." Some stations have since reopened.
Albuquerque attorney Bill Davis, a bankruptcy expert who is not involved in the petition, told the Albuquerque Journalthat the filing represents allegations of money owed and does not mean PCF Saleco is automatically in bankruptcy. Should PCF Saleco disagree it belongs in bankruptcy, the matter will go to a court hearing.
"They're not really in bankruptcy until the court determines the accuracy of the allegations in the petition," Davis said.
Both the Albuquerque Journaland the New Mexico Lottery are no longer providing product to PCF Saleco's stores, according to the newspaper. It is not known if PCF Saleco-owned stores in other markets are facing similar issues.
See Related Content below for previousCSP Daily News coverage.