Tentative deal reached to sell assets of Fuller Oil company as it seeks bankruptcy protection

MarketsAssociated Press

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.

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.

Continue Reading Below

"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.