Metro Fuel Oil Corp

Summary

Investment Banker

Metro was a family-owned energy company that supplied and delivered bioheat, biodiesel, heating oil, ultra low sulfur diesel fuel (ULSD), natural gas and gasoline throughout the New York Metropolitan Area and Long Island from terminals in Greenpoint, Brooklyn and Calverton, Long Island.

CMA professionals were engaged as the exclusive investment banker to Metro Fuel Oil Corp. (“Metro” or the “Company”) in connection with its Chapter 11 bankruptcy.

CMA’s professionals advised on all aspects of the post-petition sale process resulting in a successful §363 sale of substantially all the Company’s biodiesel IP and production assets to United Refining Group.

Engagement Highlights

At the time of its bankruptcy filing, the Company was still in the process of building one of the largest, state-of-the-art advanced biodiesel production facilities in North America, with a target production capacity of 110 million gallons per year. Following construction, the biodiesel production facility would be capable of supplying biodiesel derived from the widest range of sustainable, high-energy-balance sources including, domestically-grown soy, canola, recycled restaurant grease, used vegetable oil and algae.
CMA professionals led the sale process for the Company and marketed the partially-complete biodiesel production facility, related intellectual property, and fuel distribution terminals, to a wide range of strategic and financial investors.
CMA was able to orchestrate a competitive auction process with multiple bidders and multiple rounds of bidding for the various assets of the Company, despite the fact that the auction commenced without a stalking horse in hand.
Ultimately, the state-of-the-art, partially-constructed facility, along with the balance of the Debtor’s assets were successfully sold to United Refining Company. When complete, the facility will be able to process a variety of feedstocks and be one of the largest biodiesel facilities on the east coast.

Metro Fuel Oil Corp

Summary

Investment Banker

Engagement Highlights

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