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. 1 <br /> - _= Uteri t�ttttttl�s <br /> ilii distributor seeks <br /> bankruptcy protection <br /> •'J.E. McCaffrey Co., one of Sonoma County's major <br /> Independent oil distributors called JEMCO, has flied <br /> for bankruptcy protection under Chapter I I to delay <br /> 4edltor actions against the company. <br /> JEMCO's bankruptcy attorney, Craig Stu ppl of San <br /> Francisco,said Monday that the firm had filed a, <br /> Chapter 11 "to reorganize in a relatively short period." <br /> . ,,Tile company, a distributor for Unocal, listed its total <br /> Oe' bts-as $3 million and assets at $2.5 million. Included <br /> W the debts, JEMCO owes $600,000 to Bank of America, <br /> $300,000 to the IRS and $500,000 to the State Board of <br /> rquallzatlon, Stuppi said. <br /> "JEMCO had been working with the creditors In the . <br /> last year and had been making substantial payments. <br /> But the State Board of Equalization became <br /> overzealous In its collection efforts and started to levy <br /> oil the company's bank accounts,"said Stuppi, with the <br /> firm of Bronson Bronson and McKinnon. <br /> :Ile said the company intends to work out a <br /> r6otganixation plait and return to normal operations In <br /> ab&u(six months. :. ;,, 4, . . . ('1 -4! <br /> `James McCaffrey, who founded JEMCO'27 years ago, <br /> Bald the company has experienced cash-flow problems, <br /> cis lies many companies in the current recession. <br /> "We have not had an Interruption of service to our <br /> customers and the response from our key suppliers and <br /> customers has been gratifying," McCaffrey said. <br /> Ale, <br /> said the company has retained the consulting firm <br /> of Bledsoe, Olden &Associates to assist In reorganizing <br /> the company. --Dick Phillips <br />