Metro Fuel Oil exercises DIP loan extension option; sale dates changed

By Caroline Salls

Pittsburgh, Dec. 10 - Metro Fuel Oil Corp. has exercised an option that would extend its debtor-in-possession facility maturity date to Feb. 9 from Dec. 31, according to a Monday filing with the U.S. Bankruptcy Court for the Eastern District of New York.

If no objections are filed by 4 p.m. ET on Dec. 14, the maturity extension will take effect. If objections are filed by that deadline, the court will schedule a hearing for the objections.

In connection with its exercise of the DIP loan extension option, Metro Fuel said several dates included in its asset sale procedures have been changed.

Specifically, the new bid deadline is noon ET on Jan. 8, the auction will be held on Jan. 14 and the sale hearing is scheduled for Jan. 16.

The company said its DIP lenders and official committee of unsecured creditors have approved the revised sale process timeline.

Metro Fuel, a Brooklyn, N.Y.-based energy company, filed for bankruptcy on Sept. 27. The Chapter 11 case number is 12-46913.

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