Monday, December 22, 2008

Flying J Files Chapter 11 Bankruptcy

NEW YORK (AFP) – Flying J, a big privately held firm that operates oil refineries and truck stops, said Monday it filed for bankruptcy protection, hit by the abrupt fall in energy prices and a credit crunch.

The Utah-based firm, which has some 16 billion dollars in 2007 revenues, said it filed for reorganization under Chapter 11 of the bankruptcy code "to address near-term liquidity needs brought about by the precipitous decline in oil prices coupled with the disruption in the credit markets."

"All of Flying J's operations, including approximately 250 travel plazas and fuel stops, are open and serving customers in the normal course," the company said.

"The company plans to continue normal business operations as it moves through the reorganization process."

"Even though Flying J today is a successful and historically profitable company, it faced near-term liquidity pressure from an unprecedented combination of factors: the precipitous drop in the price of oil and the lack of available financing from our traditional sources due to disrupted credit markets," said J. Phillip Adams, president and chief executive.

"With this sudden and unanticipated inability to meet our liquidity needs, we regret that we had no other choice than a Chapter 11 filing to enable us to stabilize our financial base."

Flying J is among the 20 largest private companies in America, with some 16,000 employees in the US and Canada.
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