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.
Want to learn more about oil and gas insolvencies? Be sure to pick up ABI's newest publication, When Gushers Go Dry: The Essentials of Oil & Gas Bankruptcy, in the ABI Bookstore: http://bookstore.abi.org/when-gushers-go-dry-essentials-oil-gas-bankrup…