Press Releases / Flying J Restructuring On December 22, 2008, Flying J Inc. and its Big West refining and Longhorn Pipeline subsidiaries filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code. The filing was made with the U.S. Bankruptcy Court in Delaware. The scope of the filing is limited to these operations only. It does not apply to other business units or affiliates, or the company's Canadian operations. In all cases, including those subsidiaries covered by the filing, Flying J's operations remain open and are conducting business as usual.Even though Flying J has been a successful 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 its traditional sources due to disrupted credit markets. With a sudden and unanticipated inability to meet its liquidity needs, the company had no other choice than a Chapter 11 filing to provide the time to work through a solution.Flying J’s objective is to move through the reorganization process as quickly as possible and to work toward a solution that will address its short-term liquidity needs and allow it to meet its past obligations in full. More information about the company's reorganization is available at the following links:Press ReleaseVendor and Supplier Frequently Asked QuestionsCustomer Frequently Asked QuestionsClaims Agent Link "/>
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Flying J

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retento
Posted 2008-12-24 6:54 AM (#96422)
Subject: Flying J
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I do alot of business with Flying J during show season.... I just now seen this, they must have bought alot of "crude" back when it was $140.00, now it's $40.00... that will put a dent in your pocket book in a hurry.

Flying J Restructuring Press Releases / Flying J Restructuring

On December 22, 2008, Flying J Inc. and its Big West refining and Longhorn Pipeline subsidiaries filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code.  The filing was made with the U.S. Bankruptcy Court in Delaware. 

The scope of the filing is limited to these operations only.  It does not apply to other business units or affiliates, or the company's Canadian operations.  In all cases, including those subsidiaries covered by the filing, Flying J's operations remain open and are conducting business as usual.

Even though Flying J has been a successful 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 its traditional sources due to disrupted credit markets.  With a sudden and unanticipated inability to meet its liquidity needs, the company had no other choice than a Chapter 11 filing to provide the time to work through a solution.

Flying J’s objective is to move through the reorganization process as quickly as possible and to work toward a solution that will address its short-term liquidity needs and allow it to meet its past obligations in full.

More information about the company's reorganization is available at the following links:

Press Release
Vendor and Supplier Frequently Asked Questions
Customer Frequently Asked Questions
Claims Agent Link

 

 



Edited by retento 2008-12-24 6:57 AM
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Painted Horse
Posted 2008-12-24 10:51 AM (#96435 - in reply to #96422)
Subject: RE: Flying J
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Their headquarters are about 20 miles north of me.  So it was big news here on Monday when they filed.  Flying J did 16 Billion in revenue last year.  It has 15,000 employes and 220 locations. So it is a sizeable company. In their press release they stated they do have sufficient assest. but in cash & credit squeeze right now.

As I mentioned in another post a couple of weeks ago.  Gas prices are at an unsupported low.  Gas is selling for less than what it cost to buy the raw crude let alone refine it. Gas currently is selling for $1.37 around here right now.  With 48 cents in State & Federal taxes and dealer markup, that puts the wholesale cost of regular below 80 cents a gallon. You get 30 gallons of refined gas from a barrel of crude oil. Which is about $38 a barrel.  So they are getting about $24 out of a barrel of gas and paying $38 for the crude.  So even if they didn't buy a bunch of $140 crude last summer they are loosing money now.

In looking up the current price of crude, I see that the national price for heating oil is $1.35 today. Heating oil and diesel are almost the same products, So why is diesel selling for  $2.19 a gallon at the pump? I know my neighbor who is the president of a local gas company said they are still making a reasonable profit on diesel which is offsetting some the current loss in regular gas.

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Buffy111_99
Posted 2008-12-24 11:15 AM (#96436 - in reply to #96422)
Subject: RE: Flying J
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"they do have sufficient assest. but in cash & credit squeeze right now."

Yea, well don't we all!!!!!

 

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