Bankruptcy Judge: Fred Fuller Can Use Cash To Fulfill Oil Contracts
A federal bankruptcy judge is allowing a New Hampshire home heating oil company seeking bankruptcy protection to use cash it collects on its accounts.
Fuller Oil and Propane has assured customers it can provide oil to customers who paid in advance. It asked a judge for permission to use cash receipts from its sales.
A U.S. Bankruptcy judge on Friday granted the request, saying it was a "short-term shot" and could possibly allow the company time to find a buyer.
Senior Assistant Attorney General Pete Roth says 2,320 customers have paid a total of $5.7 million in pre-buy fuel contracts. The Telegraph of Nashua reports Fuller owes $5.1 million on those contracts.