Source: Getty Petroleum
Getty Petroleum Marketing Inc., and its subsidiaries Gasway Inc., Getty Terminals Corp. and PT Petro Corp. (collectively, the “Company”), today announced that they filed a voluntary petition for Chapter 11 reorganization in the United States Bankruptcy Court for the Southern District of New York. The voluntary reorganization will enable Getty to maintain and enhance the Company’s growth and execute its transformation plan to remediate environmental issues and provide competitive services and prices to its partners and customers.
The Company expects operations to continue as usual and remains focused on serving its customers during and after the restructuring process, which the Company intends to complete as expeditiously as possible. In addition, the Company expects to continue to:
•Purchase and deliver gasoline without interruption to its gas station operators;
•Pay trucking companies for continued delivery of gasoline without interruption;
•Pay utilities and maintenance companies and continue to do everything necessary to ensure normal operations at its gas stations; and
•Honor its environmental remediation obligations.
“The process of reorganization is a significant and positive step toward restoring the luster of one of America’s most iconic brands – Getty,” said Bjorn Q. Aaserod, Chairman and Chief Executive Officer of the Company. “This action will enable Getty to emerge operationally stronger with a better balance sheet, hasten environmental cleanup and pave the way for the Company to provide its service station operators, vendors and valued customers with the best possible service and pricing. I am confident that our management team’s expertise and vision will prove an invaluable asset as we execute our strategic growth plan in our core markets moving forward.”
The Company’s Board of Directors determined that a Chapter 11 reorganization is in the best interest of the Company and its stakeholders. The Chapter 11 process will enable the Company to continue conducting normal business operations while it restructures its finances, addresses and resolves claims held by creditors against the Company, and resolves disputes with Getty Realty Corp., Bionol Clearfield LLC, Lukoil Americas Corporation and Lukoil North America LLC, which have negatively impacted the Company. Getty Petroleum has secured sufficient capital to fund operations through its reorganization and remains in ongoing, productive dialogue with its stakeholders regarding terms of the restructuring.
The motions filed today with the Court seek relief that will ensure the Company’s continued ability to conduct normal operations.
The Company’s lead counsel is Greenberg Traurig, LLP.
Getty Petroleum files for Chapter 11 reorganization to enhance growth & protect the environment
Source: Getty Petroleum