Driving around Salt Lake with the gas tank near empty, you might not be able to fill up at the closest gas station. Several ConocoPhillips and Phillips 66 gas stations have been partitioned off by caution tape because they are out of gas.
The gas absence is a result of a dispute between gas stations storeowner PCF Saleco and Phillips 66, which supplies the fuel to its stores. PCF Saleco ran into financial troubles, and three of its creditors requested the U.S. Bankruptcy Court in Colorado to place the convenience store operator into involuntary Chapter 11 bankruptcy. This would force the company to reorganize its debt.
If you are a creditor and your debtor is not making payments, you may need file for an involuntary bankruptcy of a debtor so you can get paid. Contact a bankruptcy attorney Salt Lake City Utah residents can rely on for help filing this type of bankruptcy.
The attorney representing the creditors said that PCF Saleco told the bankruptcy court that it is in negotiations with Phillips 66. And because of this, the creditors have given PCF Saleco a two-week extension in hopes they will not have to move forward in bankruptcy court.
Most businesses do not consider the possibility of creditors bringing an involuntary bankruptcy case against them, but it is a possibility for businesses in financial troubles. However, the creditors must prove they meet filing requirements and can only bring a Chapter 7 or 11 case. Contact a Utah bankruptcy lawyer for help if creditors have brought an involuntary bankruptcy cases against your business.
Any attorney at Shumway Van & Hansen will provide an initial free consultation and often times can schedule an appointment within 24 hours. For more information please continue to utilize www.shumwayvan.com, call us at (801) 478-8080, or stop by Salt Lake City offices which are located at 8 East Broadway, Suite 550, Salt Lake City, Utah 84111.