NYC Calls Getty's Liquidation Plan Inadequate

Law360, New York (July 12, 2012, 6:26 PM EDT) -- New York City filed an objection Thursday to a liquidation plan floated by bankrupt Getty Petroleum Marketing Inc.'s unsecured creditors committee, arguing that it fails to resolve Getty's potential liability to the city for environmental cleanup of leaking storage tanks.

It also argues that the plan interferes with a $3.1 million priority tax claim the city's Department of Finance has in the case. It says it objects to the plan because it fails to resolve the issue of the debtor's environmental liability to governmental authorities or...
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