SQRL Service Stations, a convenience store chain, has filed for Chapter 11 bankruptcy protection in Texas, citing more than $1 billion in debt. The filing, submitted late Friday in the Northern District of Texas, highlights the company’s significant financial challenges, listing liabilities between $1 billion and $10 billion, against assets valued at just $10 million to $50 million.
SQRL Filed For Bankruptcy : Texas Bankruptcy Filing Details
In the bankruptcy petition, SQRL Service Stations outlined its dire financial situation, marking the latest chapter in its ongoing struggle to stay afloat. The Chapter 11 filing allows the company to reorganize its operations while seeking to address its substantial debt burden. The case has been assigned to U.S. Bankruptcy Judge Stacey G. Jernigan, who will oversee the proceedings.
The company is represented by Joyce W. Lindauer Attorney PLLC, a Dallas-based law firm with experience in bankruptcy matters. SQRL’s move to seek Chapter 11 protection comes as it faces mounting financial pressure from creditors.
Involuntary Chapter 7 Case in Arkansas
In addition to the Chapter 11 filing, SQRL is also the alleged debtor in an involuntary Chapter 7 case initiated by creditor Gas Hub Investments LLC. This earlier case was filed in early July in the Eastern District of Arkansas. The Chapter 7 filing suggests that Gas Hub Investments LLC is pushing for SQRL’s liquidation, adding another layer of complexity to the convenience store chain’s legal and financial troubles.
