Breaking news: Getty Petroleum Marketing Files for Bankruptcy

Gas marketer Getty Petroleum Marketing Inc has filed for Chapter 11 reorganisation, Reuters reported. 

The bankruptcy filing comes a week after Getty Realty Corp. threatened to end its lease agreement with the gas-station operator for defaulting on payments.

East Meadow, N.Y.-based Getty Petroleum Marketing is the largest tenant of Getty Realty, which owns and leases convenience stores, gas station properties and petroleum distribution terminals. In its filing with the U.S. Bankruptcy Court for the Southern District of New York, Getty Petroleum Marketing estimated its assets at $50-$100 million and listed liabilities of $50-$100 million.

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Getty Petroleum Marketing plans to continue to supply its gas stations with gasoline and has enough capital to fund normal operations through its reorganization, according to Reuters.

The company has disputes with Bionol Clearfield, Lukoil Americas Corp. and Lukoil North America, in addition to Getty Realty.

Earlier this year, Getty agreed to resolve disputes related to ethanol purchase price with Pennsylvania-based supplier Bionol. Getty agreed to pay $230 million to Bionol for the settlement, according to the company’s court filing.