The company known as “Pilot” has more than 800 shopping and refueling stations throughout the country, several of which are located here in Missouri. The Mountain Express Oil Company owns 19 of the stations where Pilot provides fuel. Earlier in 2023, Mountain Express filed for Chapter 11 bankruptcy. Since then, a judge has ordered that the filing be converted to a Chapter 7 program, which has necessitated the temporary closing of the 19 Pilot stores, including two in this state.
Under Chapter 7 bankruptcy, the company must liquidate its assets. Operations shut down near the end of August in the 19 Pilot locations to carry out the judge’s orders. The judge reportedly issued the order after Mountain Express missed several payments to gasoline suppliers while its Chapter 11 bankruptcy was active.
Chapter 7 may be filed by individuals or businesses
This case is an example of a Chapter 7 bankruptcy occurring because of a court order. However, the program is often used as a valuable financial tool for individuals or businesses whose liabilities have far exceeded their assets. After filing a Chapter 7 petition, assets are liquidated, and proceeds are used to pay back creditors.
Missouri residents and business owners will be glad to know that there are several types of bankruptcy options available. It can be challenging to determine which option best fits a particular person’s or company’s needs. However, guidance and support are available by scheduling a consultation with an experienced bankruptcy attorney.