A regional oil refinery which filed for bankruptcy several years ago recently announced that it has scheduled production to restart this fall. Its story is an example of how bankruptcy can provide legal options against aggressive creditors and debt management issues.
In 2006, the refinery ran into financial trouble when crude oil prices went up significantly. Suppliers sued for millions of dollars in crude oil, and the plant filed for bankruptcy in 2007. A bankruptcy judge ultimately determined it should be sold at an auction.
Since then, the plant has been purchased by an entrepreneur. The plant has reportedly entered into a deal to receive its crude oil from Sunoco. It is also rebuilding relations with other regional suppliers, including membership in a regional oil and gas association.
The plant, now operating under the name Continental Refining Co., is a market for crude oil producers in Kentucky and Tennessee. According to a spokesperson, the plant anticipates it will be turning out gasoline, diesel fuel, kerosene and other products by early fall. It also anticipates growth: The plant currently employs 27 workers, and that number is projected to grow to more than 40.
Although this story is from corporate America, consumers in Tennessee can also benefit from the legal options afforded by a Chapter 7 or Chapter 13 bankruptcy filing. Consumers may struggle with debt after losing a job or falling behind in mortgage or other loan payments. When creditors become aggressive, it can be easy to forget that legal protections against creditor harassment and abusive debt collection practices. An experienced bankruptcy attorney can walk Tennessee consumers through these options.
Source: Ventura County Star, "Ky. oil refinery to start production again," Sept. 10, 2012
- Our firm handles situations similar to the one discussed in this post. If you would like to learn more about our practice, please visit our Memphis Creditor Harassment Lawyer page.