Matrix Announces the Successful Sale of Rennie Petroleum Corporation
RICHMOND, VA – January 14, 2008 – Matrix Capital Markets Group, Inc. announced today the successful closing on substantially all of the assets of Rennie Petroleum Corporation, a Virginia-based operator of convenience stores & gas stations and a motor fuels distributor.
In the Summer of 2007, Matrix was approved by the U.S. Bankruptcy Court, for the Eastern District of Virginia, Richmond Division, to market Rennie’s assets. As of today, Rennie Petroleum has sold all 24 of its retail petroleum and convenience store locations as well as its additional 5 fuel supply agreements to Zota Petroleums Corp. Rennie Petroleum Corporation sold approximately 35 million gallons of motor fuels through its stores and supply agreements in 2006. served as the exclusive financial advisor for the Debtor, Rennie Petroleum Corporation, in its Chapter 11 Bankruptcy Case. Matrix developed and executed on a formal marketing and sale process that led to an auction in October of 2007, where Zota Petroleums competed against 15 other qualified bidders and was the highest bidder for the assets. Tom Kelso, Managing Director and head of the Energy and Multi-Site Retail Group at Matrix, managed the transaction. ”This was a difficult and complicated assignment because only two stores were owned by the Debtor in fee, many of the assets were encumbered by above-market property leases, and the existing third party tenant leases limited the potential buyer pool. Given the complexity of the transaction, we were delighted with the outcome.” said Kelso.