C.O. Thompson Files Chapter 11

C.O.Thompson Petroleum Co., a gasoline and oil distributor in Orange with estimated 1989 revenue of $90 million, has filed for protection from creditors while it reorganizes under Chapter 11 of the federal bankruptcy code.

An affiliated firm, M.T.S. Oil Co. of San Diego, also filed a Chapter 11 petition.

Both were filed in federal bankruptcy court in Santa Ana.

Thompson listed $11.8 million in liabilities and $13.8 million in assets. M.T.S., which does business as Apollo Oil, listed $3 million in liabilities and $4.7 million in assets.

Jeffrey W. Broker, attorney for Thompson, said the 45-year-old company has been caught in a cash-flow crunch since the Iraqi invasion of Kuwait, as oil producers have tightened their credit requirements because of the overall national economic slump and customers have reduced purchases because of the soaring cost of refined oil products.