Rescue Plan for Gascard Club Mounted by Associate Firms

Associate companies of Gascard Club Inc. have set up a corporation to acquire a controlling interest in Gascard and provide financing while the La Jolla-based fuel marketer is embroiled in bankruptcy proceedings, according to a Securities and Exchange Commission filing.

GCF Inc. was formed to buy all of the Gascard Club common shares and warrants owned by six venture capital-investment companies representing a 45% stake in Gascard.

Set up by Barney Holland Oil Co., Herkimer Petroleum Products Inc., R.A.D. Oil Co. Inc., Spinx Oil Co. and West Texas Gas Inc., all licensed to sell memberships in Gascard’s fuel-management systems, GCF plans to give Gascard as much as $500,000 to enable it to continue operations during bankruptcy proceedings.

Earlier this month, the members of Gascard’s board were replaced by GCF representatives, according to the filing.

Seven-year-old Gascard filed under Chapter 11 of the federal bankruptcy code last month in U. S. Bankruptcy Court in San Diego and is now considered a “debtor in possession” under supervision of the court.

Gascard will probably file a bankruptcy plan and disclosure statement today with the bankruptcy court, Holland officials said, and the company hopes to be able to begin operating out of bankruptcy in October.