Owners of 59 regional AmeriStop franchises have placed nearly $7 million on the table in an attempt to keep control of their convenience stores. They may learn today whether they will be successful.
In November, Petro Acquisitions Inc., the parent company of the Cold Spring-based AmeriStop chain, filed for Chapter 11 bankruptcy with debt estimated between $1 million and $100 million, according to court documents.
Since then, franchise owners in Ohio and Northern Kentucky have been fighting to hold on to their businesses.Last month, the franchisees learned that the leases for the stores they operated were among the assets to be auctioned.
The auction proceeds will be used to pay off more than $11.2 million Petro owes Wells Fargo Bank and Drawbridge Special Opportunities Fund.
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