Lakewood-based Pettit Oil seeks bankruptcy protection
Tacoma-based petroleum distributor Pettit Oil filed for Chapter 11 bankruptcy reorganization in an attempt to restructure its business without interrupting service to more than 10,000 customers throughout Western Washington.
Seattle Times business reporter
Lakewood-based petroleum distributor Pettit Oil sought Chapter 11 bankruptcy protection last week in an attempt to restructure its business without interrupting service to more than 10,000 customers throughout Western Washington.
The Pierce County company had sales of $319 million last year and was ranked the state’s 33rd-largest private company in 2011 by Puget Sound Business Journal. Last year it transported more than 96 million gallons of fuels and lubricants
The Chapter 11 petition, filed Nov. 25, reports debts totaling about $22.5 million and assets valued at $18.7 million.
The largest secured creditors are KeyBank, owed more than $11.3 million, and U.S. Bank, owed about $8.8 million.
Pettit has operated in Western Washington for more than 75 years and currently has seven distribution facilities throughout the Puget Sound area.
The 125-employee company supplies Chevron, Shell and Phillips 66 fuels and lubricants to the marine, commercial and automotive industries.
Neither company President Chris Sather nor bankruptcy attorney Brian Budsberg could be reached for comment.
Coral Garnick: 206-464-2422 or email@example.com. On Twitter @coralgarnick