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SAN FRANCISCO, Calif. - Convenience store distributor Core-Mark International Inc. has announced it is entertaining bids for the company, according to Reuters. The last remaining piece of bankrupt Fleming Cos. Inc. hired buyout and advisory firm Blackstone Group to help it explore strategic options, including a possible reorganization.
Core-Mark and Fleming filed for bankruptcy protection under Chapter 11 on April 1, 2003.
Core-Mark Chief Executive Michael Walsh said the company, which operates as a separate business and legal entity from its parent Fleming, has sustained positive cash flow and intends to maximize recovery for its creditors.
San Francisco-based Core-Mark said it expects final bids by December, at which point it would firm up its strategy to emerge from Chapter 11 bankruptcy protection. Preliminary bids will be due Nov. 3.