An oil company known in The North Country for decades has filed for bankruptcy.
NHPR’s Chris Jensen reports.
Munce’s Superior Petroleum Products of Gorham has filed for bankruptcy.
The filing, in federal court in Concord, is under Chapter 11.
That means the company hopes to reorganize and stay in business.
In the filing company president Harold Munce blames several factors. They include fluctuations in the price of heating oil, commercial customers going out of business and other customers who didn’t pay.
Munce’s filing shows the company owes about $1 million to its top 20 creditors.
The largest debt is about $336,000 to Sprague Energy of Portsmouth.
An official in the attorney general’s office said customers who pre-paid for heating oil shouldn’t be affected.