Crescent Oil Acquired by Florida Sunshine Investments

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Crescent Oil Acquired by Florida Sunshine Investments

RICHMOND, Va. -- Florida Sunshine Investments Inc. and Jeff Greene submitted a winning bid on 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.

Matrix Capital Markets Group Inc. advised the unsecured creditors during the sale of the assets, which included an auction with multiple rounds of competitive bidding. 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.

"We are extremely pleased our efforts in this case significantly helped the debtor in obtaining an offer that, when it closes, will result in excellent value for its assets," Tom Kelso, managing director and principal at Matrix, said in a statement.

Crescent Oil's sister company under Titan Global Holdings, Appalachian Oil Co. (Appco), was also slated to be auctioned as part of its Chapter 11 proceedings. The deadline for bids passed in July, and NRC Realty Capital Advisors, the firm handling the sale, expected at the time that transactions would close within the following month, according to previous CSNews Online reports.

"The sales procedures approved by the court require a closing within 30 days, so our expectation would be that by the middle of August a transition would take place with the new ownership," Andy Webber, an officer of NRC and founder of Corner Capital Partners LLC, said in previous reports.

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