Fred Holliger, Giant Industries' chairman and CEO, said the company also is working with a potential buyer to secure financing for the sale of the remainder of its service stations and convenience stores in the Phoenix and Tucson markets. Giant Industries also is pursuing the option of selling other non-essential assets and will be reviewing offers for its corporate headquarters in Scottsdale, Holliger said.
The company's debt consolidation efforts follow Giant's $127.5-million acquisition of BP's Yorktown, VA refinery in February along with $42 million in refinery assets. Since that time, the firm sold about $13 million in other assets in a bid to pare down debt.
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