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Real Estate And Construction
Regional distributor Pettit Oil Co. shuts down

Pierce County-based Pettit Oil Co., a longtime distributor of fuel and heating oil on the Kitsap and Olympic peninsulas, shut down abruptly in January after plans to restructure the business through a bankruptcy filing did not work out.

The company, owned by former Silverdale residents Norm and Linda Sather, had one of its distribution facilities in Bremerton and reportedly had about 10,000 customers in Western Washington. But Pettit had filed for Chapter 11 bankruptcy protection in late 2013, and the company’s attorney, Brian Budsberg of Olympia, said its assets would be liquidated since the company was unable to maintain operations while reorganizing under the bankruptcy filing.

In documents filed in court, Pettit listed more than $18 million and liabilities topping $22 million. Budsberg said in media reports that the company’s pending sale to Associated Petroleum Products of Tacoma was blocked because of objections by U.S. Bank, one of Pettit’s largest creditors.

Pettit had been in business as a fuel distributor for more than 75 years and at one time had 200 employees, though that had reportedly declined to about 125 at the time of the bankruptcy filing. Although Norm Sather was still listed as Pettit’s CEO, apparently his son, Chris, had been running the company.

Calls to the Pettit Oil’s main office in Lakewood on Jan. 17 got a recorded message saying the company was no longer in business.

 
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