GasMart USA Files for Chapter 11 Bankruptcy
OVERLAND PARK, Kan. — GasMart USA Inc. filed for Chapter 11 voluntary bankruptcy protection, listing debts of almost $14 million.
According to the Kansas City Star, GasMart filed its petition in the U.S. Bankruptcy Court in the Western District of Missouri. The operator of 108 convenience stores and gas stations in the Midwest, branded under the Phillips 66 and Conoco banners, is seeking protection from creditors while it intends to reorganize.
At this time, it is unknown if GasMart's retail locations will be affected by this bankruptcy filing.
The petition certifies that Overland Park-based GasMart has assets of between $10 million and $50 million, reported the news outlet. The biggest creditor listed in the filing is GSA Trust, owed $3.8 million; followed by Phillips 66 Fuel (owed $2.7 million); CITGO (owed $1 million); and Farner-Bocken Co. (owed $990,000).
As CSNews Online previously reported, GasMart added 37 former PCF Saleco c-stores and gas stations in 2012. PCF Saleco filed for voluntary bankruptcy protection in July 2012. At that time, GasMart said it expected these 37 locations to be part of its long-term portfolio and has managed these properties since.