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Bankrupt Clark Retail Struggles to Find Buyer for Convenience Store Subsidiary.
Knight Ridder/Tribune Business News, August, 2003
By Lorene Yue, Chicago Tribune Knight Ridder/Tribune Business News
Aug. 13--White Hen Pantry Inc.'s struggle to find a buyer is adding to the financial stress of its parent firm, which is continuing to wrestle with a Chapter 11 bankruptcy reorganization.
A failed auction for the Clark Retail Enterprises Inc. subsidiary set in motion a chain of events that had attorneys involved in the case scrambling for a solution in U.S. Bankruptcy Court in Chicago Tuesday. Clark's financial lenders worried that the owner of gas stations and convenience stores was headed for administrative insolvency and would be unable to pay off any of its debts. Clark, based in Oak Brook, filed for Chapter 11 bankruptcy protection in October.
"I hope this isn't...
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