Attached files
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8-K - FORM 8-K - GETTY REALTY CORP /MD/ | d916137d8k.htm |
Exhibit 99.1
GETTY REALTY RECEIVES PAYMENTS FROM GETTY PETROLEUM MARKETING LIQUIDATING TRUST
- Company Receives $7.4 Million -
JERICHO, NY, April 27, 2015 Getty Realty Corp. (NYSE-GTY) (the Company) announced today that it received two payments from the Getty Petroleum Marketing Liquidating Trust (the Marketing Estate).
On March 3, 2015, the Company entered into a settlement agreement (the Settlement Agreement) with the Liquidating Trustee of the Marketing Estate to resolve claims asserted by the Company in Marketings bankruptcy case. The Settlement Agreement was approved by an order of the U.S. Bankruptcy Court, and, on April 22, 2015, the Company received an interim distribution from the Marketing Estate of $6.8 million on account of the Companys general unsecured claims. The Company expects to receive additional distributions from the Marketing Estate during 2015 on account of its general unsecured claims, however, the Company cannot provide any assurance as to the timing or the total amount of such future distributions.
The Settlement Agreement also resolved a dispute relating to the balance of payment due to the Company pursuant to the Companys agreement to fund the lawsuit that was brought by the Liquidating Trustee against Lukoil Americas Corporation and related entities and individuals for the benefit of Marketings creditors. As a result, on April 22, 2015, the Company also received an additional distribution of approximately $0.6 million from the Marketing Estate in full resolution of the funding agreement dispute.
About Getty Realty Corp.
Getty Realty Corp. is the leading publicly traded real estate investment trust in the United States specializing in ownership, leasing and financing of convenience store/gas station properties. The Company owns and leases approximately 860 properties nationwide.
Contact: |
Christopher J. Constant | |
Chief Financial Officer | ||
(516) 478-5460 |