Advertisement

BRIEFLY

May 19, 1988

Edgington Oil Co., a Long Beach refiner, said it has extricated itself from the morass of lawsuits surrounding Saudi businessman Adnan Khashoggi and won bankruptcy court approval for its sale to Sulphur Mountain Oil Corp. of Salinas for $52.5 million and the assumption of $18 million in debt. Edgington, whose parent firm is Khashoggi's Triad America, is the most profitable arm of his crumbled U.S. empire. Most of his American companies are bankrupt. Edgington, with 200 employes and an asphalt refinery in Long Beach, said the sale is expected to close within 90 days unless it is successfully appealed by Triad's creditors.

Advertisement
Los Angeles Times Articles
|
|
|