APPCO Sale Approved by Court

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APPCO Sale Approved by Court

CHICAGO -- The sale of the Appalachian Oil Co. Inc. (APPCO) convenience store chain in eastern Tennessee to Florida Sunshine Investments I Inc. was approved by bankruptcy Judge Marsha Parsons yesterday.

As reported in a CSNews Online breaking news alert yesterday, closing of the sale is expected today or tomorrow, according to NRC Realty & Capital Advisors LLC (NRC), the company handling the sale, under direction of the bankruptcy court.

"I’m pleased that Florida Sunshine will retain all of APPCO’s stores, a portion of its dealer business, and the vast majority of employees," P. A. (Andy) Weber, III, senior vice president of NRC, who has been serving as chief restructuring officer for APPCO, said in a released statement. "It is the end of a long road in APPCO’s history and the beginning of a new chapter in APPCO’s bright future. I appreciate the help of the DIP Lender, the creditors committee and most importantly the APPCO employees who continued to serve their customers during this process."

Weber also gave CSNews Online an exclusive inside look at the sale of the APPCO chain earlier this year. He said: "I think buyers realize the store assets are of good quality and in good shape, and that Appco's challenges have been driven more by capital structure and owner/lender relationships than anything else."

The purchase by Florida Sunshine Investments includes all 47 sites operated in bankruptcy by APPCO of Blountville, Tenn., as well as rights to the company’s private brand name, APPCO.

Additionally, the stores, all of which are leasehold properties, are located in eastern Tennessee, southeastern Kentucky and southwest Virginia. They were offered through NRC’s "buy one, some or all" sealed bid sale process, under the supervision of the U.S. Bankruptcy Court for the Eastern District of Tennessee.

Florida Sunshine also acquired APPCO's sister convenience store chain, Crescent Oil, last month. The company, along with Jeff Greene, submitted a winning bid Aug. 13, for substantially all of bankrupt Crescent Oil's assets, and on Aug. 14, the court overseeing the Chapter 11 case approved the sale. The transaction for the assets, which include convenience stores and are located in Kansas, Oklahoma and Missouri, is expected to close on or before Sept. 4.

Related News:

Crescent Oil Acquired by Florida Sunshine Investments

On the Block: An Insider's View of Selling a Chain

Crescent Oil Acquired by Florida Sunshine Investments