Getty Petroleum Marketing Files for Bankruptcy to Deal With Cleanup Costs
Getty Petroleum Marketing Inc., a fuel marketer acquired this year by Cambridge Petroleum Holding Inc., filed for bankruptcy protection to deal with environmental cleanup costs.
The company, based in East Meadow, New York, listed assets and debt of more than $50 million each in Chapter 11 documents filed today in U.S. Bankruptcy Court in Manhattan. Its Gasway Inc., Getty Terminals Corp. and PT Petro Corp. units also sought protection.
Bankruptcy “will enable Getty to emerge operationally stronger with a better balance sheet” and “hasten environmental cleanup,” Chief Executive Officer Bjorn Q. Aaserod said in a statement.
Bionol Clearfield LLC is listed as the largest unsecured creditor. Its $230 million claim, resulting from an arbitration award over an ethanol-supply contract, is listed as “disputed.”
Getty Petroleum, formed in 1997, acts as a liaison for about 765 leases between landlords and gas station operators and other businesses, according to court papers. Lukoil OAO (LKOH) sold the company to closely held Cambridge in March for an undisclosed price.
The case is In re Getty Petroleum Marketing Inc., 11-15606, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
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