Tag Archive for Petit Oil

Petit Oil closes, two months after filing for Chapter 11 bankruptcy protection

Pettit Oil Company

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.