Gas City's Chapter 11 ended with the court's April 25, 2012 dismissal order Dkt. 1307, following an asset-sale strategy. Before dismissal, the court approved a December 19, 2011 settlement with First Community Bank Dkt. 1218 governing allocation and distribution of certain gas-station sale proceeds.

Gas City, Ltd.'s Chapter 11 proceeding, filed on October 26, 2010, was dismissed on April 25, 2012 under the court's dismissal order Dkt. 1307. The debtor pursued sales of its business and properties during the proceeding.

At filing, Gas City operated 51 retail gas stations and truck stops across Illinois, Indiana, Arizona and Florida. Its parent, the William J. McEnery Revocable Trust, also filed Chapter 11 on October 26, 2010 and owned 48 of the properties leased to Gas City. The chief restructuring officer's declaration Dkt. 28 described declining fuel volumes and margins, with EBITDAR falling from $21.4 million in 2008 to $12.7 million in 2009. The Trust's mortgage defaults triggered foreclosure actions, while refiners' cancellation of Gas City's credit lines in May 2010 forced fuel purchases onto prepayment terms, compounding the liquidity pressure.

The proposed restructuring path was to market and sell assets as a going concern under section 363, while preserving operations through deferred rent payments to the Trust, as described in the first-day declaration Dkt. 28. Gas City's October 26, 2010 financing and cash-collateral motion Dkt. 26 sought authority for a $2,228,100 standby letter-of-credit facility to maintain essential business licenses, together with cash-collateral use and lender protections. That amount was a proposed facility commitment.

The court's June 7, 2011 vacant-property bidding procedures order Dkt. 903 approved the bidding process and scheduled a sale hearing. On December 19, 2011, the court entered an order approving the First Community Bank settlement Dkt. 1218 concerning allocation and distribution of certain gas-station sale proceeds.

Gas City's Chapter 11 ended with the court's April 25, 2012 dismissal order Dkt. 1307, following an asset-sale strategy. Before dismissal, the court approved a December 19, 2011 settlement with First Community Bank Dkt. 1218 governing allocation and distribution of certain gas-station sale proceeds.

Gas City, Ltd.'s Chapter 11 proceeding, filed on October 26, 2010, was dismissed on April 25, 2012 under the court's dismissal order Dkt. 1307. The debtor pursued sales of its business and properties during the proceeding.

At filing, Gas City operated 51 retail gas stations and truck stops across Illinois, Indiana, Arizona and Florida. Its parent, the William J. McEnery Revocable Trust, also filed Chapter 11 on October 26, 2010 and owned 48 of the properties leased to Gas City. The chief restructuring officer's declaration Dkt. 28 described declining fuel volumes and margins, with EBITDAR falling from $21.4 million in 2008 to $12.7 million in 2009. The Trust's mortgage defaults triggered foreclosure actions, while refiners' cancellation of Gas City's credit lines in May 2010 forced fuel purchases onto prepayment terms, compounding the liquidity pressure.

The proposed restructuring path was to market and sell assets as a going concern under section 363, while preserving operations through deferred rent payments to the Trust, as described in the first-day declaration Dkt. 28. Gas City's October 26, 2010 financing and cash-collateral motion Dkt. 26 sought authority for a $2,228,100 standby letter-of-credit facility to maintain essential business licenses, together with cash-collateral use and lender protections. That amount was a proposed facility commitment.

The court's June 7, 2011 vacant-property bidding procedures order Dkt. 903 approved the bidding process and scheduled a sale hearing. On December 19, 2011, the court entered an order approving the First Community Bank settlement Dkt. 1218 concerning allocation and distribution of certain gas-station sale proceeds.