PCF Saleco Creditors File Petition to Court
DENVER -- Three creditors have filed a petition of involuntary bankruptcy against PCF Saleco claiming they are owed a collective $1.65 million.
According to the Albuquerque Journal, the involuntary petition for Chapter 11 bankruptcy was filed Aug. 31 in the Colorado District of the U.S. Bankruptcy Court. The petition lists three creditors: San Francisco-based Core-Mark International, alleging it is owed $1.64 million; D & H Pump Service Inc. ($10,778 claim) and ACM Industries Inc. ($2,923 claim). D & H Pump Service and ACM Industries list Albuquerque addresses.
The legal move is the latest sign of trouble for PCF Saleco. The Colorado-based company operates ConocoPhillips/Circle K locations in New Mexico, Kansas, Utah and Missouri. As CSNews Online previously reported, the company began a cash-only policy two weeks ago. However, media reports have said many of the stations have since run out of gas.
Store employees contacted earlier this week by the Journal said they did not know what was happening or that they were unable to discuss the matter. Attorneys for all involved either could not be reached or declined to comment, the news outlet added.
Albuquerque attorney Bill Davis, a bankruptcy expert who is not involved in the petition, explained that the filing represents allegations of money owed and does not mean PCF Saleco is automatically in bankruptcy. Should PCF Saleco disagree it belongs in bankruptcy, the matter will go to a court hearing.
"They're not really in bankruptcy until the court determines the accuracy of the allegations in the petition," Davis said.
The Journal's circulation department was asked by the company Aug. 30 to discontinue service and newspaper deliveries to its stores. The New Mexico Lottery fielded a similar request and has not shipped any new product to the stores in about two weeks, said Adriana Binns, the lottery's marketing and communications director. PCF Saleco hasn't missed any payments to the lottery, she added.