Gas City (the “Company”) was a family-owned operator of more than 50 retail gas stations and truck stops supported by a working capital lender and numerous individual real estate lenders. Losses in affiliated businesses reduced liquidity and created increasing financial strain.
The Company filed Chapter 11 in the Northern District of Illinois, where strategic alternatives were evaluated. Two stalking-horse bids were secured—one for the retail gas and convenience store assets and another for the truck stop portfolio.
A highly competitive auction with over 100 participants resulted in a final purchase price more than 40% above the stalking-horse levels. The majority of the assets were sold to the two original strategic bidders, providing significant value improvement for stakeholders.
Note: This transaction was completed by Managing Director at prior firm.
