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Getty Petroleum Chapter 11 Plan Headed Toward Confirmation (But Creditors Will Not See Payments for Some Time

August 20, 2012 | Newsroom

Getty Petroleum Marketing Inc.'s chapter 11 plan is moving toward confirmation, but creditors of the defunct gas-station operator will not see payments for some time, Dow Jones DBR Small Cap reported today. Objections to the plan were resolved at a court hearing in New York Thursday, leaving only the final chapter 11 exit documents to prepare for a judge's signature. With no new cash coming in, hopes of recovery for creditors hang on lawsuits aimed at Lukoil Holdings, the Russian company that once owned Getty Petroleum.

Alfred Giuliano, is the GPMI Liquidating Trust.

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