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NAPLES — W.P. Hickman Systems Inc., a subsidiary of Serefex Corp. in Naples, has filed for Chapter 11 bankruptcy protection.

According to a filing with the Securities and Exchange Commission, Hickman and two of its wholly owned subsidiaries filed the petition for reorganization on Oct. 2.

Hickman could not pay off the remaining balance on a $5 million revolving loan from FirstMerit Bank N.A. and failed to get it refinanced “due to the deeply troubled credit market,” according to the filing. The company still owes $3 million and it “believes that FirstMerit intends to aggressively pursue all of its available legal remedies,” including appointing a receiver and liquidating Hickman’s assets.

Hickman has been operating profitably for four months, according to the filing.

Adding to the “financial stress,” the company’s new ownership and management have “uncovered certain accounting irregularities and potentially fraudulent activities in excess of $5 million by former insiders and subordinated debt holders of Hickman.” Lawsuits against the insiders are pending.

Serefex, a publicly-traded company, acquired a majority stake in Hickman in late 2007 to establish a national footprint. At the time, the local company was making most of its money from its Fridge Tape, which is sticky on one side and has a magnet on the other, making it easy to hang photos, coupons and kid’s masterpieces on the refrigerator.

W.P. Hickman, based in Ohio, manufactures and sells roofing products.