C-store chain files Chapter 11 bankruptcy petition - Professional Carwashing & Detailing

C-store chain files Chapter 11 bankruptcy petition

OVERLAND PARK, Kansas — Court documents revealed that GasMart USA Inc. allegedly has total secured debts of around $25 million.

OVERLAND PARK, Kansas — GasMart USA Inc. has filed a Chapter 11 voluntary bankruptcy petition, according to CSPnet.com.

Court documents revealed that the business allegedly has total secured debts of around $25 million, more than $12 million in alleged unsecured, nonpriority debts and over $9 million in alleged priority claims, stated the article.

The documents showed that there are “more than 700 parties in interest in the cases,” the article added.

The affiliated bankruptcy cases include G&G Enterprises, Aving-Rice LLC and Fran Transport & Oil Company, continued the article.

GasMart shareholders, or debtors, filed four separate voluntary petitions for relief under Chapter 11 of the bankruptcy code on July 2, the article reported, and “each debtor remains in possession of its assets and continues to operate as debtor-in-possession.”

Read the entire article here.

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