American Western Refining Sets Auction.LAWRENCEVILLE, Ill.--(BUSINESS WIRE)--July 21, 1997--On Tuesday, July 15, 1997, American Western Refining, L.P. ("AWR AWR Automatic Workload Repository (Oracle database) AWR Applied Wave Research (El Segundo, CA) AWR Adventist World Radio AWR Advanced Warranty Replacement AWR American Warmblood Registry "), Debtor and Debtor in Possession debtor in possession n. in bankruptcy proceedings when a debtor has filed for the right to submit a plan for reorganization or refinancing under Chapter 11, and the debtor is allowed to continue to manage his/her/its business without an appointed trustee, that debtor , Case No. 96-1755 (HSB (Hue Saturation Brightness) A color space that is similar to the way an artist mixes colors by adding black and white to pure pigments. The pigments are the hues (H), measured in a circle from 0 to 359 degrees (0=red, 60=yellow, 120=green, 180=cyan, 240=blue, ), issued a notice of sale of substantially all of the assets of AWR pursuant to an order of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the District of Delaware. AWR owns a refinery and related assets located in Lawrenceville and a barge terminal and related assets located on the Ohio River in Mt. Vernon, Ind., (collectively the "Assets"). On Nov. 6, 1996 AWR filed a voluntary petition for relief under Chapter 11, Title 11 of the Bankruptcy Code. The debtor has continued to manage its estate pursuant to the authority of Sections 1107(a) and 1108 of the Bankruptcy Code. Clark Oil Trading Co. ("COTC COTC Clan of the Cats (webcomic) COTC Central Ohio Technical College COTC Church Of The Creator (hate group) COTC Canadian Officer Training Corps (Canada) COTC Corn on the Cob ") has provided the post-petition financing necessary for the Debtor to preserve and maintain the assets pending a sale. The current Financing Order, as approved by the Bankruptcy Court on April 9, 1997, expires on Aug. 30, 1997. The Financing Order provides, that unless a sale of substantially all the Assets is finalized by AWR on or before Aug. 11, 1997, AWR will be required to auction the Assets in whole or in part on Aug. 15, 1997. Although AWR has received substantial interest in the Assets, AWR has not received an offer in compliance with the requirements set forth in the Financing Order. Therefore, an Auction, subject to the terms and conditions of the Financing Order, has been scheduled for 10:30 a.m. CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT on Aug. 15, 1997, at the AWR refining facility, located at South 7th Street, Lawrenceville, Ill., 62439. The Auction will proceed on this date unless AWR and COTC have agreed to continue the date of the Auction beyond the Aug. 15, 1997 deadline. If the Auction is postponed a news release will be issued outlining the arrangements as agreed to by all parties. At the Auction, subject to the Financing Order, any or all of the Assets of the Debtor will be sold pursuant to Section 363 of the Bankruptcy Code free and clear of any liens, claims, and encumbrances. Any such sale will be subject to final Bankruptcy Court approval. Any qualifying offer to purchase or qualifying bid to be considered by Debtor shall have no conditions other than issuance of a Bankruptcy court order approving sale. Copies of the Financing Order and the Notice of Sale are on file with the Office of the Clerk, United States Bankruptcy Court, 824 Market Street, 5th floor, Wilmington, Del., and are available for inspection and copying during business hours BUSINESS HOURS. The time of the day during which business is transacted. In respect to the time of presentment and demand of bills and notes, business hours generally range through the whole day down to the hours of rest in the evening, except when the paper is payable it a bank or by a ; or may be obtained by written request to Debtor's counsel, Gesas, Pilati, and Gesas Ltd., 53 West Jackson Blvd., Suite 528, Chicago, Ill. 60604. -0- All due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. should be finalized prior to the Auction. Any inquiries regarding an inspection of the Assets should be arranged through AWR, Attn: Chris A. Woods, P.O. Box 8321, Radnor, Pa. 19087-8321, or call 610/964-9640. CONTACT: American Western Refining Chris A. Woods, 610/964-9640 |
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