EZ Lube files for bankruptcy
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EZ Lube, a car oil-change chain with 82 stores in California and Arizona, filed for bankruptcy protection Tuesday, citing worsening financial conditions that have caused customers to forgo auto services.
Santa Ana-based EZ Lube and a subsidiary, Xpress Lube-Tech Inc., filed Chapter 11 bankruptcy petitions in Wilmington, Del., citing between $100 million and $500 million in both assets and debts.
“The high gas prices experienced over much of 2008 resulted in customers driving fewer miles on average, and thus, oil changes and other services have been needed less frequently,” Stephen V. Coffey, EZ Lube’s chief restructuring officer, said in court papers.
EZ Lube plans to borrow as much as $62.5 million from a group of lenders to help fund operations as it restructures, according to court papers.
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