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Heating Oil Partners L.P. has emerged from a Chapter 11 bankruptcy reorganization, with a fresh name - HOP Energy L.L.C. - and fresh worries about the fuel distribution market.
HOP supplies heating oil for homes and businesses in Connecticut and several other Northeast states, and employs 1,000 people.
The Darien company's bankruptcy filing one year ago had state officials hopping in consternation, on fears Heating Oil Partners might not be able to fulfill customer deliveries. Judge Alan Shiff quickly scotched those worries, however, setting aside $33 million of HOP's assets to guarantee service to homeowners who had prepaid for heating oil deliveries.
It was one of the few warm tidings last winter for customers. In the past two years, the average wholesale cost of home heating oil has more than doubled to $1.98 per gallon as of June 30, according to the New...