Getty Petroleum has sued one of its top branded distributors after the firm backed away from a deal to buy some Getty assets. Atlantis Petroleum, based in Wayne, Pa., last February entered into an agreement with Getty to buy its interests in some retail stations in New Jersey and Pennsylvania, according to a suit Getty filed on July 7 in a U.S. District Court, Southern District of New York. The deal was for a mix of owned properties and leasehold interests, and other related assets with a closing set for June 30. But after putting up $3 million in earnest money, Atlantis had trouble obtaining the financing to carry out the deal and was unable to close by the scheduled date, according to the suit.
展开▼
