Flying J grounded, files for Chapter 11 bankruptcy
As it turns out, though, our favorite truck stop chain's production, refining, and pipeline business has been KO'ed by the recent drop in oil prices and the credit crunch. As a result, the Flying J has nosedived into Chapter 11 bankruptcy protection. According to company president J. Phillip Adams, the filing is the result of a liquidity shortage. Says Adams, "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." The company's liabilities are estimated to be anywhere between $100 million and $500 million, but according to court documents, FJ has assets worth upwards of $1 billion.
The bankruptcy proceedings are not expected to affect supplies on the West Coast, and no layoffs are as a result of the filing.
Flying J, we pray for your speedy return to health.
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