Metro Fuel Oil Co., a closely held provider of heating oil, construction site fueling and central air conditioning, filed for bankruptcy with a proposed investment from the real-estate billionaire Sam Zell and a plan to sell the company in 90 days, Bloomberg News reported yesterday. The company's chapter 11 petition filed yesterday listed as much as $50 million in assets and $100 million in debt. A “liquidity squeeze” brought on the bankruptcy filing, and a sale of all of the company’s access is planned within 90 days, the company said in court papers. Prior to the bankruptcy, Metro Fuel Oil’s outstanding long-term secured debt was about $58.8 million, consisting of $48.3 million of bank debt and $10.5 million of project financing related to a new biodiesel plant. The company also estimates its trade creditors have claims or around $10 million, according to the filing.
