SCOTTSDALE, AZ-In a sale worth $11.25 million, Giant Industries has sold six Phoenix-area service stations with convenience stores to SuperPumper Inc. in a move to reduce the petroleum refinery and marketer’s debt. The proceeds helped slash revolving credit facility debt from about $65 million to $35 million.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.