Western Co. of North America, hobbled by...

Western Co. of North America, hobbled by oil industry woes and debt topping $600 million, has filed for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code. The Ft. Worth-based oil field service company lost almost $183 million last year, but President Sheldon Erikson said business should continue as usual while the firm reorganizes. Western listed debts of $606.9 million, of which only $71.8 million is secured by collateral. The company listed assets of $381.9 million.