Struggling retailer PCF Saleco has won a second extension from a Colorado bankruptcy court as it seeks to secure its financial future. The operator of 78 convenience stores and fuel service stations previously secured a two-week extension on an involuntary bankruptcy petition brought by creditors on September 27, and now has until October 31 to resolve its issues.
The company is specifically looking to tie down an extended contract negotiation with its gasoline supplier, Phillips 66, that would allow it "to stabilise and focus upon its business operations." For several months, a filing from the company explain, PCF Saleco has “been in extensive negotiations with representatives of Phillips 66 in an effort to resolve numerous disputes and issues between and among the parties."
As reported by PetrolWorld, PCF Saleco handed over operation of its Kansas City stores to GasMart USA earlier in the month, allowing the service stations to operate once again after a temporary shutdown. According to court documents, PCF Saleco owes three suppliers over $1.65m.
PetrolWorld 19102012