Petit Oil closes, two months after filing for Chapter 11 bankruptcy protection
Pettit Oil has closed it’s doors, the Tacoma-based petroleum distributor serves more than 10,000 customers throughout Western Washington. They filed for Chapter 11 bankruptcy reorganization in November, a call to their main office today gets this message “We regret to inform you that after many years of service, Petit Oil has closed it’s doors and is no longer in business. We appreciate your many years of loyalty as a customer.”
The Seattle times reports the Chapter 11 petition, 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 with seven distribution facilities throughout the Puget Sound area.