Crescent Oil Files For Bankruptcy

By: AP
By: AP

INDEPENDENCE, Kan. (AP) _ Crescent Oil Company Inc., a fuel supplier for at least six Midwest states, has filed for bankruptcy.

The Independence, Kan.-based firm filed for Chapter 11 protection from creditors Saturday. A spokesman for the company didn't immediately return a phone call for comment Monday.

Crescent's bankruptcy filing says the company has between $50 million and $100 million in estimated assets and a like amount of estimated liabilities.

Its largest unsecured creditors included fuel companiees Shell/Equilon and Conoco-Phillips and the Kansas Department of Revenue's Motor Fuel Tax Section.

The bankruptcy comes after several retailers in the Midwest last week reported not receiving regularly scheduled deliveries of fuel.

Crescent distributes fuel to more than 340 locations in Kansas, Oklahoma, Arkansas, Missouri, Illinois and Louisiana. The company is a wholesale supplier of Conoco-Phillips, Shell, Valero and British Petroleum gasoline.

(Copyright 2009 by The Associated Press. All Rights Reserved.)


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