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TribLocal | It appears the Gas City stations in the area could become Speedway or Circle K stations.
According to multiple reports citing bankruptcy court records, Speedway LLC and Canada’s Alimentation Couche-Tard Inc., the owner of Circle K, will purchase 32 of the 50 stations owned by Frankfort-based Gas City Ltd.
Gas City, Ltd., the Frankfort-based operator of 55 gas stations, sought Chapter 11 protection from creditors late Tuesday and plans to put itself up for sale.
The bankruptcy filing, made in U.S. Bankruptcy Court for the Northern District of Illinois, listed estimated assets of between $50 million and $100 million and liabilities of between $100 million and $500 million. According to the court documents, Gas City has between 1,000 and 5,000 creditors. Get the full story »
