Gas-Mart USA Inc., owner and operator of convenience stores located at Phillips 66/Conoco gas stations, has filed for chapter 11 protection, the Kansas City (Mo.) Star reported today. The petition, listing unsecured debts of nearly $14 million, was filed in affiliated cases in U.S. Bankruptcy Court in the Western District of Missouri for Gas-Mart, as well as for Aving-Rice LLC, a company based in Illinois, for Fran Transport & Oil Co. of Missouri, and for G&G Enterprises LLC of Missouri. The largest single unsecured creditor listed in the filings is GSA Trust of Littleton, Co., owed $3.8 million. The second-largest unsecured debt is to Phillips 66 Fuel for $2.7 million. The petition certifies assets of between $10 million and $50 million and estimates that funds will be available for distribution to unsecured creditors.
