M.W. Sewall & Co. of Bath, a heating oil business and convenience store operator, has filed for Chapter 11 bankruptcy.
Founded in 1887, the company lists both assets and liabilities at between $10 million and $50 million each, according to the petition filed Friday. Citgo Petroleum of Houston, Texas, is its largest unsecured creditor, with an approximately $1.2 million claim, followed by Pine State Trading Co. of Augusta, with a $282,000 claim. Filing for Chapter 11 bankruptcy allows businesses to reorganize their operations, including the creation of a plan to pay creditors over time, while continuing to run the business.
Weak business at the company's modular housing division, Landmark Homes, and last summer's run up in oil prices led to the filing, the company's attorney, George Marcus, told Mainebiz. No layoffs, store closings or major service changes are planned. "This should be invisible to the customer," he said.
M.W. Sewall employs more than 150 people and operates 15 Clipper Mart convenience stores, car washes and service centers along Route 1 between Boothbay and Saco, according to its website. It also delivers heating oil and propane throughout the Midcoast.
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