Metro Fuel Shouldn't Liquidate, Unsecured Creditors Say

Law360, New York (February 4, 2013, 6:27 PM EST) -- Metro Fuel Oil Corp.'s unsecured creditors objected Monday to New York Commercial Bank's calls for liquidation of the bankrupt Brooklyn-based fuel supplier just as the company is slated to go on the auction block.

The unsecured creditors committee said in a brief objection that it didn't believe the company's ongoing reorganization should be converted to a liquidation, despite the bank's assertion that it is unlikely to reorganize itself successfully or repay $41.3 million in debt.

"The committee submits this initial objection to the motion to convert...
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Case Information

Case Title

Metro Terminals Corp.


Case Number

1:12-bk-46913

Court

New York Eastern

Nature of Suit

Date Filed

September 27, 2012

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Companies

UK Financial Services

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