Governor Hassan and Attorney General Foster Announce Tentative Agreement for Sale of Fred Fuller Oil

Press Release

Following yesterday's decision by the US Bankruptcy Court to allow Fred Fuller Oil & Propane ("Fuller") to continue operating for ten days until a sale could be arranged, Governor Maggie Hassan and Attorney General Joseph Foster announced that a tentative agreement has been reached to sell Fuller's assets to Rymes Propane & Oil ("Rymes") and for Sprague Operating Resources LLC ("Sprague") to supply the products.

Rymes and Sprague worked diligently through Friday night, with the assistance of the Attorney General's office, to reach an agreement that will wind down the bankrupt estate and culminate in the sale of Fuller's ongoing business to Rymes. Both Sprague and Rymes made considerable concessions to bring an orderly end to the estate.

"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," Governor Hassan said. "The State of New Hampshire is incredibly grateful for the efforts of both Rymes and Sprague to reach an agreement that will help avoid the emergency situations that customers faced last winter. The Attorney General and I encourage the parties to finalize the sale expeditiously and remain ready to assist in whatever capacity necessary to ensure the health and safety of our citizens."

Rymes will assume and satisfy the fuel supply obligations of all pre-buy and credit balance customers on an active budget plan with Fuller. All customers that pre-bought fuel for the coming winter with Fuller and had remaining gallons on their contracts as of the petition date will receive those deliveries. Sprague will sell, at no profit to itself, the fuel needed for Rymes to satisfy Fuller's pre-buy commitments. Sprague has also increased Rymes' available credit to assist the company in absorbing its new customer base.

In addition, Rymes and Sprague will both make an immediate cash infusion to the estate and Sprague will provide fuel supply at cost to the estate's operations until Rymes assumes full control.

"I want to express my thanks to the parties for the hard work they put into reaching this tentative agreement," said Attorney General Foster. "My office will continue to work with them and do all it can to see that the sale is completed and Fuller customers receive the oil they have been promised and paid for."

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