MANCHESTER, N.H. – A tentative agreement has been reached to sell the assets of a home heating oil company seeking bankruptcy protection, New Hampshire's governor and attorney general announced Saturday.
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Gov. Maggie Hassan and Attorney General Joseph Foster said that the agreement would sell the ongoing business of Fuller Oil and Propane to Rymes Propane & Oil and Sprague Operating Resources LLC would supply the products.
"We are optimistic that this agreement will help ensure that Fuller pre-buy customers will have access to the critical heating oil that they need this winter," Hassan said.
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.
A federal bankruptcy court on Friday granted Fuller's request to use cash it collects on its accounts, saying it was a "short-term shot" and could possibly allow the company time to find a buyer.