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January 20, 2011

Brunswick oil co. seeking capital

By The Mainebiz News Staff

An oil company in Brunswick has ceased honoring customers' prepaid contracts while it works to find working capital.

Customers of Thibeault Energy have reported not receiving prepaid fill-ups for heating oil or propane and are being told to instead buy from another dealer, according to The Times Record. Jennie Clegg, an attorney with Marcus, Clegg & Mistretta of Portland, told the paper the company is "actively exploring all options" to find additional working capital and is "very close to making arrangements for additional funding." She would not say if the company was for sale, but did say it had not filed for bankruptcy.

Jamie Pye, president of the Maine Energy Marketers Association, did not provide details on Thibeault Energy, but did say that a sale of an energy company should include an agreement to honor existing customers' contracts.

Go to the article from The Times Record >>

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