Getty Realty Takes Back 787 Gas Stations

Law360, New York (May 2, 2012, 5:27 PM EDT) -- Petroleum industry real estate investment trust Getty Realty Corp. said Tuesday that it is repossessing 787 gas stations that it had leased to gasoline giant Getty Petroleum Marketing Inc. in connection with Getty Petroleum's bankruptcy proceedings.

The repossessions stem from an agreement reached in March and approved by the bankruptcy court April 2, in which Getty Petroleum requested and received permission to reject its master lease with Getty Realty for all but one of the 788 gas stations the companies operate across the country. The arrangement...
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