Spiraling Mortgage Debt Drives Gas City Into Ch. 11

Law360, New York (October 27, 2010, 5:24 PM EDT) -- A combination of falling revenue and spiraling mortgage debt has driven gas station and convenience store operator Gas City Ltd. into Chapter 11 bankruptcy with the goal of selling off its assets.

In a petition filed Tuesday in the U.S. Bankruptcy Court for the Northern District of Illinois, Gas City listed assets of less than $100 million and liabilities of between $100 and $500 million.

Frankfort, Ill.-based Gas City owes about $29.6 million to Bank of America NA, its prepetition lender, and more than $225 million...
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