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• ` Y <br /> AIML <br /> 04 distributor seeks <br /> bankruptcy protect- <br /> r � <br /> ion <br /> "J.E. McCaffrey Co., one of Sonoma County's major <br /> Independent oil distributors called JEMCO,has filed <br /> Ior bankruptcy protection under Chapter 11 to delay <br /> ceditor actions against the company. <br /> =-:JEMCO's bankruptcy attorney, Craig Stuppi of San <br /> Francisco,said Monday'that the firm had filed a- <br /> Chapter 11 "to reorganize in a relatively short period." <br /> ^•The company, a distributor for Unocal, listed its total <br /> tlebts-as$3 million and assets at$2.5 million. Included <br /> iq the debts, JEMCO owes $600,000 to Bank of America,. <br /> $300,000 to the IRS and $500,000 to theState Board of <br /> Equalization,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 /> on the company's bank accounts,"said Stuppi,with the <br /> flrm of Bronson Bronson and McKinnon. <br /> -He said the company intends to workout a.�' <br /> reorganization plan and return to normal operations in <br /> abouf six months. .; ;,, ,, ,,ti; ,.,: <br /> "James McCaffrey,who founded JEMCO*27 years ago, <br /> said the company has experienced cash-flow problems, <br /> as has 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 /> He•sald the company has retained the consulting firm <br /> of Bledsoe,Olden&Associates to assist in reorganizing <br /> the company, <br /> Dick Phillips <br />