Metro Fuel Ch. 11 Case Running On Fumes, Bank Says
By Max Stendahl
Law360, New York (January 30, 2013, 1:44 PM ET) -- New York Commercial Bank pressed a bankruptcy court Tuesday to convert the Chapter 11 case of Metro Fuel Oil Corp. to a Chapter 7 case, arguing the Brooklyn-based fuel supplier had virtually no chance of reorganizing or repaying a $41.3 million debt.
Metro Fuel has failed to negotiate a sale of its business while racking up $12 million in post-petition debt and $5 million in post-petition losses, the bank said in a New York bankruptcy court filing. The company is scheduled to conduct its fourth auction...