Business & Tech

Gas City Scheduled to Auction Properties

According to bankruptcy filings, the Frankfort-based company plans to sell its 51 gas stations and real estate holdings.

The fate of a Romeoville gas station is still uncertain more than two months after the Gas City chain filed for bankruptcy.

According to case filings, the company plans to sell off its gas stations and related property.

The Romeoville location at Weber and Normantown roads is just one of 51 one Gas City franchises. According to the company's website, it owns stations in Illinois, Indiana, Arizona and Florida.

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Owner William McEnery filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Chicago on Oct. 26. Court documents list company assets of between $50 and $100 million and debts of $100 to $500 million.

Among the top 20 creditors listed in the filing are Centier Bank, owed $19.4 million; MB Financial Bank, owed $10.4 million; Standard Bank and Trust, owed $14 million; and BP Products North America, owed more than $2 million.

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According to court documents, Gas City employs 798 people, including 469 full-time employees. It operates gas stations in Shorewood, New Lenox, Oswego, Darien, Warrenville, Joliet, Homer Glen, Frankfort and Mokena. The company's financial woes .

Companies interesting in purchasing Gas City property have until Feb. 22, 2011, to place a bid, according to court documents. Property is scheduled to be auctioned March 2, 2011, at the Chicago offices of legal firm Perkins Coie LLP.

Calls to the Gas City's corporate office in Frankfort went unreturned. An attorney for McEnery also did not respond to requests for comment.


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