Mountain Express Oil Co. has filed for voluntary chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas, CSPDailyNews.comreported. The fuel distribution and convenience-store retailer intends to achieve a comprehensive restructuring, and it expects to continue to conduct business throughout the process. Mountain Express-owned or affiliated fuel centers, travel centers, c-stores and retail operations are maintaining normal operations, it said. A restructuring “will strengthen the company’s fuel distribution business, dealer network and retail business,” it said. Mountain Express is in discussions with its secured lenders regarding a commitment of debtor-in-possession financing, which it said will provide additional liquidity and “assure its ability to meet its post-petition obligations in the ordinary course of business.” To help fund and protect its operations, Mountain Express intends to use cash collateral, upon approval from the court, along with normal operating cash flows, as the company pursues the “value-maximizing” restructuring and seeks to emerge from bankruptcy in a timely manner. Founded in 2000, Mountain Express Oil serves 828 fueling centers and 27 travel centers across 27 states. It has established relationships with major oil companies including ExxonMobil, BP, Shell, Chevron, Texaco and Sunoco, among other major suppliers. Mountain Express also has a dealer joint venture with Pilot Co., Knoxville, Tennessee Since 2013, Mountain Express has distributed more than 1.1 billion gallons of fuel, it said.
