After still failing to name a lead bidder ahead of an auction that has been pushed back four times, creditor New York Commercial Bank is asking a bankruptcy court to push Metro Fuel & Oil Corp. into chapter 7 liquidation rather than allow it to continue to spend money on operations, Dow Jones DBR Small Cap reported today. Brooklyn-based Metro Fuel has burned through $12 million in post-petition financing, racked up administrative expenses and incurred $5 million in losses since its chapter 11 filing four months ago, New York Commercial Bank said in court documents.
