A Georgia oil company with ties to multiple gas stations in the Twin Lakes Area, has been sent to mediation after a failed Chapter 11 bankruptcy protection was filed in March.
According to an article from Law360, Mountain Express Oil Company, who supplies, operates or owns more than 850 gas stations and convenience stores in 27 states, including Arkansas, filed for Chapter 11 bankruptcy in March with $200 million in debt, citing a dispute with its largest landlord, real estate investment firm Oak Street Real Estate Capital.
In a hearing on August 7, a Texas bankruptcy judge ordered Mountain Express into mediation and accused its lenders of “destructive actions” in a deliberate attempt to sink the reorganization.
While the number of affected gas stations and convenience stores in the Twin Lakes Area cannot be determined there is no gasoline shortage. These businesses are unable to provide gas due to the bankruptcy.
WebReadyTM Powered by WireReady® NSI