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October 29, 2009

Trustee to head bankrupt oil co.

By The Mainebiz News Staff

A U.S. Bankruptcy Court has ordered a trustee to take over operations of fuel company M.W. Sewall & Co.

A court official will supervise the day-to-day operations of the Bath-based company, which filed for Chapter 11 bankruptcy protection in March, according to The Forecaster. The company's attorney, George Marcus, told the paper he argued against the trusteeship, but the court said the company's "conflicted managers," brothers Philip and Mark Sewall, would be unable to handle the situation appropriately. Marcus told the paper the company has filed a plan of reorganization that is awaiting approval by the court.

M.W. Sewall, which supplies heating oil and operates convenience stores in the southern and midcoast Maine, owes $2 million in administrative expenses and recorded a net loss of nearly $1.8 million in 2008, according to the paper.

Go to the article from The Forecaster >>

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