Metro Fuel Ch. 11 Case Running On Fumes, Bank Says

Law360, New York (January 30, 2013, 1:44 PM EST) -- 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...
To view the full article, register now.




Case Information

Case Title

Metro Terminals Corp.

Case Number



New York Eastern

Nature of Suit

Date Filed

September 27, 2012

Law Firms


UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.