Crescent Oil Files For Bankruptcy

Monday, February 9th 2009, 12:16 pm
By: News On 6

Associated Press

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

The Independence, Kansas-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 companies 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.

2/6/2009 Related story: Crescent Oil Not Talking About Gasoline Shortage    

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.