Getty Petroleum Creditors Call For Liquidation

Law360, New York (May 31, 2012, 7:43 PM EDT) -- Getty Petroleum Marketing Inc.'s official committee of unsecured creditors filed an amended Chapter 11 plan and disclosure statement in New York bankruptcy court Wednesday calling for the liquidation of the gasoline giant.

The unsecured creditors say the goal of their proposed plan is to provide the greatest immediate cash distribution possible to all claim holders. Furthermore, the plan offers “the highest, best and quickest recovery” possible for holders of general unsecured claims, according to the disclosure statement.

Under the plan, impaired holders of priority, secured and...
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