Western New Jersey

Bankrupt oil company sued over unpaid loans

Bankrupt oil company sued over unpaid loans

PHILLIPSBURG, N.J. - A bankrupt New Jersey oil company is now being sued by a bank that says it needs to pay up.

Last November Norton Oil in Phillipsburg suddenly shut down, leaving hundreds of customers in the cold.

Documents say owners Patrick and Lynn Norton were more than $2-million in debt.

Now a Bethlehem-based bank is suing Norton Oil, saying it wants its hundreds of thousands of dollars in loans to be paid back.

Essa Bank says it loaned or guaranteed Norton Oil more than $600,000 before the company declared bankruptcy $400,000 of which is still owed.

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