Aziz Assessing Opportunities After Bankruptcy

February 19, 2015 Sale of 28 Quick Stops among several options, including sale-leaseback, recapitalization Published in CSP Daily News By Greg Lindenberg, Online Editor McALLEN, Texas — Since filing in August 2014, Aziz Convenience Stores has been exploring opportunities to emerge from bankruptcy that include not only the sale of the company’s 28 Quick Stop convenience stores and gas stations in southern Texas, but also transactions such as the sale-leaseback of the stores, recapitalization, refinancing, joint-venture partnership and more. The company could also sell excess non-core assets such as a 200-acre development site. A sale would be an option once the alternatives have been exhausted, said a spokesperson for Keen-Summit Capital Partners LLC, New York, which is helping Aziz with this process. As reported in a 21st Century Smoke/CSP Daily News Flash, McAllen, Texas-based Aziz is a privately owned and operated, independently branded chain established in 1983 that provides gasoline and traditional convenience-store merchandise. The chain is the largest independently branded convenience-store and gas-station chain in the area and is known as the “hometown” provider of convenience, with strong customer loyalty. Many of the stores perform better than the industry average. Aziz is also evaluating cost-cutting proposals and opportunities to improve company performance including equipment upgrades, standardization of management policies and procedures and the renovation of some locations. The company has experienced unstable revenues due to the economic downturn, the high level of competition and the high dependency on gas pricing, according to Keen-Summit. Despite the company’s previous 12-month EBITDA of $2.75 million, it was forced to file a voluntary petition for reorganization under Chapter 11 in the U.S....