Kwik Pik Approved as Stalking-Horse Bidder

 

The Delaware District of The U.S. Bankruptcy Court has approved Kwik Pik LLC, an affiliate of Lehigh Gas Corporation, as the Stalking Horse Bidder in the Uni-Marts Bankruptcy Asset Sale. The court also approved the revised auction procedures. On Sept. 23, a live auction will be held to determine the ultimate buyer(s) of the assets.

 

Under the terms of the Kwik Pik agreement, the Uni-Marts assets are being sold on an “as is where is” basis. The purchase price for the Ohio assets will be $10 million fand the Pennsylvania and New York assets will be $6.7 million with no environmental or financing contingencies.

 

Bidders will be allowed to bid on the entire company, groups of assets and on individual stores in order to compete against Kwik Pik. Asset Purchase Agreements for single assets and smaller groups of assets are available for prospective buyers through Matrix Capital Markets Group Inc., which is handling the sale. Only qualified bidders, those that have fulfilled the Bid Requirements as defined in the court approved auction procedures and submitted offers by the bid deadline of Sept. 16. will be invited to attend the auction on Sept. 23.

 

“We are extremely pleased that Kwik Pik has been approved as the stalking horse and we look forward to a highly competitive auction which will result in an excellent return to the Uni-Marts creditors,” said Tom Kelso, managing director and principal of Matrix.

 

 

 

 

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