JERICHO, N.Y -- Getty Realty Corp. has announced that it has received two payments from the Getty Petroleum Marketing Liquidating Trust, also known as the Marketing Estate.
On March 3, 2015, the company entered into a settlement agreement with the liquidating trustee of the Marketing Estate to resolve claims asserted by the company in Getty Petroleum Marketing Inc.’s bankruptcy case.
East Meadow, N.Y.-based gas-station operator GPMI declared bankruptcy in December 2011.
The settlement agreement was approved by an order of the U.S. Bankruptcy Court, and, on April 22, 2015, the company received an interim distribution from the Marketing Estate of $6.8 million on account of the company’s general unsecured claims. The company expects to receive additional distributions from the Marketing Estate during 2015 on account of its general unsecured claims; however, the company cannot provide any assurance as to the timing or the total amount of such future distributions.
The settlement agreement also resolved a dispute relating to the balance of payment due to the company pursuant to the company’s agreement to fund the lawsuit that was brought by the Liquidating Trustee against Lukoil Americas Corp. and related entities and individuals for the benefit of GPMI’s creditors. As a result, on April 22, 2015, the company also received an additional distribution of approximately $600,000 from the Marketing Estate in full resolution of the funding agreement dispute.
Getty Realty Corp., Jericho, N.Y., is the leading publicly traded real-estate investment trust (REIT) in the United States specializing in ownership, leasing and financing of convenience-store and gas-station properties. The company owns and leases approximately 860 properties nationwide.
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