Energy North Wins Auction for Bankrupt Clipper Mart Chain
BATH, Maine -- Energy North Inc. was named the top bidder in a bankruptcy auction of M.W. Sewall & Co.'s Clipper Mart convenience store chain, according to court documents cited by the Times Record.
As reported yesterday in a CSNews Online Breaking News Alert, Energy North's winning bid -- $9.27 million, plus the value of the stores' inventory -- topped a second place offer of $8.5 million by Framingham, Mass.-based Cumberland Farms Inc. Other qualified bidders included H.A. Mapes Inc., Mac's Convenience Stores LLC, TD Bank, Tedeschi Food Shops Inc. and MWC Acquisition Co. LLC, the report stated, citing court documents.
While the court must still approve the auction's results, Energy North would be the new owner of the 11 Clipper Mart stores, their inventories, wholesale accounts, a Boothbay apartment building and several residential properties, according to the newspaper. A hearing to approve the results is scheduled for April 28.
M.W. Sewall, a 123-year-old company, filed for Chapter 11 bankruptcy in March 2009. In October, the court appointed Mark Stickney as trustee to run the company while it reorganized, and in early February, Stickney fired company President Philip Sewall, who had taken over the post following Ned Sewall's departure, the Times Record reported.
Prior to the auction of the retail assets, an April 6 auction decided the future of M.W. Sewall's heating oil division, with Ned Sewall coming out the top bidder with a purchase proposal of nearly $4.76 million, which included $2.69 million in money and assets the company still owed him from a 2007 buyout. Ned Sewall's 2007 buyout consisted of $4.5 million in cash and stock, according to court documents, the report stated.
Neither Stickney nor his attorney, Gayle Allen, responded to e-mails by the Times Record seeking to confirm a closing date for the sale of the heating oil operation, which includes bulk fuel storage facilities in West Bath and Edgecomb, as well as the company office building at 295 Front St.
Related News:
Bankrupt M.W. Sewall Restructures, Fires President
M.W. Sewall & Co. Files Chapter 11 Bankruptcy
As reported yesterday in a CSNews Online Breaking News Alert, Energy North's winning bid -- $9.27 million, plus the value of the stores' inventory -- topped a second place offer of $8.5 million by Framingham, Mass.-based Cumberland Farms Inc. Other qualified bidders included H.A. Mapes Inc., Mac's Convenience Stores LLC, TD Bank, Tedeschi Food Shops Inc. and MWC Acquisition Co. LLC, the report stated, citing court documents.
While the court must still approve the auction's results, Energy North would be the new owner of the 11 Clipper Mart stores, their inventories, wholesale accounts, a Boothbay apartment building and several residential properties, according to the newspaper. A hearing to approve the results is scheduled for April 28.
M.W. Sewall, a 123-year-old company, filed for Chapter 11 bankruptcy in March 2009. In October, the court appointed Mark Stickney as trustee to run the company while it reorganized, and in early February, Stickney fired company President Philip Sewall, who had taken over the post following Ned Sewall's departure, the Times Record reported.
Prior to the auction of the retail assets, an April 6 auction decided the future of M.W. Sewall's heating oil division, with Ned Sewall coming out the top bidder with a purchase proposal of nearly $4.76 million, which included $2.69 million in money and assets the company still owed him from a 2007 buyout. Ned Sewall's 2007 buyout consisted of $4.5 million in cash and stock, according to court documents, the report stated.
Neither Stickney nor his attorney, Gayle Allen, responded to e-mails by the Times Record seeking to confirm a closing date for the sale of the heating oil operation, which includes bulk fuel storage facilities in West Bath and Edgecomb, as well as the company office building at 295 Front St.
Related News:
Bankrupt M.W. Sewall Restructures, Fires President
M.W. Sewall & Co. Files Chapter 11 Bankruptcy