Journey with Confidence RV GPS App RV Trip Planner RV LIFE Campground Reviews RV Maintenance Take a Speed Test Free 7 Day Trial ×
RV Trip Planning Discussions

Go Back   iRV2 Forums > iRV2.com COMMUNITY FORUMS > iRV2.com General Discussion
Click Here to Login
Join iRV2 Today

Mission Statement: Supporting thoughtful exchange of knowledge, values and experience among RV enthusiasts.
Reply
  This discussion is proudly sponsored by:
Please support our sponsors and let them know you heard about their products on iRV2
 
Thread Tools Search this Thread Display Modes
 
Old 12-22-2008, 10:55 AM   #1
Senior Member
 
edgray's Avatar
 
Join Date: Oct 2002
Location: Madison, MS
Posts: 10,521
From the company website:

FLYING J FILES TO REORGANIZE UNDER CHAPTER 11
All Operations Are Open and Conducting Business As Usual
Filing Will Allow Company to Address Near-Term Liquidity Pressures

Ogden, UT, December 22, 2008 – Flying J Inc. today announced that the Company and certain of its subsidiaries have filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court in Delaware. The filing will allow the Company 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 plans to continue normal business operations as it moves through the reorganization process.

The filing includes Flying J Inc. and its Big West refining and Longhorn Pipeline subsidiaries only. No other subsidiaries or affiliates, including the Company’s Canadian operations, were included in the filing or are subject to the reorganization proceedings.

J. Phillip Adams, Flying J President and Chief Executive Officer, said: “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. 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 good news is we have valuable assets, we do not expect layoffs will be necessary, and we are optimistic we will be able to generate substantial cash internally to allow us to meet our obligations going forward. “Our objective is to move through this process as quickly as possible and to work toward a solution that will address our short-term liquidity needs and allow us to meet our past obligations in full. In the meantime, our team is focused on continuing business as usual. We appreciate the support and understanding of our vendors and suppliers during this time,” Mr. Adams said.

The Company will be filing customary “First Day” motions to support its employees, customers and suppliers by providing for the Company’s associates to continue to be paid in the usual manner, and for their medical, dental, life insurance, disability and other benefits to continue without disruption. Suppliers
will be paid under normal terms for goods and services provided after the filing date of December 22, 2008.
Flying J’s legal advisor is Kirkland & Ellis LLP and its financial advisor is The Blackstone Group L.P.

About Flying J Inc.
Based in Ogden, Utah, Flying J Inc. is among the 20 largest private companies in America, with 2007 sales exceeding $16 billion. This fully integrated oil company employs over 16,000 people in the U.S. and Canada through its interstate operations, transportation, refining and supply, exploration and production, as well as its financial services and communications, divisions.
Media Inquiries Only:
Kekst and Company
Tom Davies, 212-521-4873
Wendi Kopsick, 212-521-4867
Peter Hill, 212-521-4859
# # #
edgray is offline   Reply With Quote
Join the #1 RV Forum Today - It's Totally Free!

iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!

Old 12-22-2008, 10:55 AM   #2
Senior Member
 
edgray's Avatar
 
Join Date: Oct 2002
Location: Madison, MS
Posts: 10,521
From the company website:

FLYING J FILES TO REORGANIZE UNDER CHAPTER 11
All Operations Are Open and Conducting Business As Usual
Filing Will Allow Company to Address Near-Term Liquidity Pressures

Ogden, UT, December 22, 2008 – Flying J Inc. today announced that the Company and certain of its subsidiaries have filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court in Delaware. The filing will allow the Company 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 plans to continue normal business operations as it moves through the reorganization process.

The filing includes Flying J Inc. and its Big West refining and Longhorn Pipeline subsidiaries only. No other subsidiaries or affiliates, including the Company’s Canadian operations, were included in the filing or are subject to the reorganization proceedings.

J. Phillip Adams, Flying J President and Chief Executive Officer, said: “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. 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 good news is we have valuable assets, we do not expect layoffs will be necessary, and we are optimistic we will be able to generate substantial cash internally to allow us to meet our obligations going forward. “Our objective is to move through this process as quickly as possible and to work toward a solution that will address our short-term liquidity needs and allow us to meet our past obligations in full. In the meantime, our team is focused on continuing business as usual. We appreciate the support and understanding of our vendors and suppliers during this time,” Mr. Adams said.

The Company will be filing customary “First Day” motions to support its employees, customers and suppliers by providing for the Company’s associates to continue to be paid in the usual manner, and for their medical, dental, life insurance, disability and other benefits to continue without disruption. Suppliers
will be paid under normal terms for goods and services provided after the filing date of December 22, 2008.
Flying J’s legal advisor is Kirkland & Ellis LLP and its financial advisor is The Blackstone Group L.P.

About Flying J Inc.
Based in Ogden, Utah, Flying J Inc. is among the 20 largest private companies in America, with 2007 sales exceeding $16 billion. This fully integrated oil company employs over 16,000 people in the U.S. and Canada through its interstate operations, transportation, refining and supply, exploration and production, as well as its financial services and communications, divisions.
Media Inquiries Only:
Kekst and Company
Tom Davies, 212-521-4873
Wendi Kopsick, 212-521-4867
Peter Hill, 212-521-4859
# # #
edgray is offline   Reply With Quote
Old 12-22-2008, 11:46 AM   #3
Senior Member
 
Dick & Pat's Avatar
 
Thor Owners Club
Join Date: Nov 2008
Location: Ft. Dodge IA, Kerrville TX
Posts: 246
That's sad to hear; hope they can work through this....their lending source probably bought some banks in China instead
__________________
Dick & Pat Swanstrom
Fort Dodge Iowa
2014 Thor Challenger 37GT
Dick & Pat is offline   Reply With Quote
Old 12-22-2008, 12:45 PM   #4
Senior Member
 
GaryKD's Avatar
 
Newmar Owners Club
Join Date: Jul 2006
Location: Wellington, Florida
Posts: 13,599
It sounds like the J got caught on the wrong end of the oil price decline. They may have a large quantity of oil purchase obligations that they can not profit from (most likely take a loss on).
__________________
Gary
2005 Newmar KSDP 3910 + GMC ENVOY XUV 37K lbs Moving Down The Road
The Avatar Is Many Times Around The USA
Nobody Knows Your Coach Like Somebody Who Owns One Just Like Yours
GaryKD is offline   Reply With Quote
Old 12-22-2008, 01:05 PM   #5
Senior Member
 
tmar10's Avatar
 
Fleetwood Owners Club
Appalachian Campers
Ford Super Duty Owner
Carolina Campers
Join Date: Jan 2008
Location: Four Oaks, NC
Posts: 501
I believe Gary is correct and the filing should allow them to negotiate or void futures contracts killing their cash flow. Slowed demand is another problem they have to deal with but without cash they are dead in the water. It appears they took appropriate action before they dug to big a hole.
__________________
Thomas & Betty w/Bailey & Gypsy (our fur-bearing masters)
07 Bounder 35e (F53)
07 Nissan Frontier or 2010 FLSTC toad
tmar10 is offline   Reply With Quote
Old 12-22-2008, 03:14 PM   #6
Senior Member
 
Ray,IN's Avatar
 
Join Date: Aug 2001
Location: North America somewhere
Posts: 30,592
Sounds like a straight-up company trying to survive in a recession. Hope they do.
__________________
2000 Winnebago Ultimate Freedom USQ40JD, ISC 8.3 Cummins 350, Spartan MM Chassis. USA IN 1SG 11B5MX,Infantry retired;Good Sam Life member,FMCA." My fellow Americans, ask not what your country can do for you, ask what you can do for your country. John F. Kennedy
Ray,IN is offline   Reply With Quote
Old 12-22-2008, 05:41 PM   #7
Senior Member
 
rvgrandma's Avatar
 
Join Date: Jan 2001
Location: Richland, wa
Posts: 372
Sure hope they make it through. They are one of our favorite places to stop for gas. Not always, but they are normally RV friendly for gas.
__________________
Full-Timers

2000 Sea View 34' Ford V10
rvgrandma is offline   Reply With Quote
Old 12-22-2008, 07:28 PM   #8
Moderator Emeritus
 
DriVer's Avatar
 
Winnebago Owners Club
Workhorse Chassis Owner
Coastal Campers
Carolina Campers
Join Date: Jan 2000
Location: Conway, SC
Posts: 23,641
Blog Entries: 70
OH Nooooo!

I hope that "The Hook" can make a comeback!
__________________
03 Adventurer 38G, Workhorse W22
F&R Track Bars, Safety+ , Ultrapower, Taylor Extremes, SGII
TST 507, Blue Ox, SMI, Koni FSD, CrossFire
RV/MH Hall of Fame - Lifetime Member
DriVer is offline   Reply With Quote
Old 12-24-2008, 07:10 AM   #9
Senior Member
 
Workhorse Chassis Owner
Join Date: Jul 2005
Location: Ventura, Ca.
Posts: 333
When you look at their fuel website, notice how many locations are either short of or out of fuel to sell. This did not happen over night and can't be fixed immediately either.
__________________
2019 Winnebago Vista LX 30T, Honda CRV toad, best Labrador Retriever Charlie Brown .
Rocky 2 is offline   Reply With Quote
Old 12-24-2008, 07:33 AM   #10
Administrator in Memoriam
 
Route 66's Avatar


 
Newmar Owners Club
Retired Fire Service RVer's
Spartan Chassis
Join Date: May 2000
Location: Newark, DE
Posts: 25,898
Not a good sign.

Flying J Gas

Flying J Diesel
__________________
Adios, Dirk - '84 Real Lite Truck Camper, '86 Wilderness Cimarron TT, previously 4 years as a fulltimer in a '07 DSDP

Route 66 is offline   Reply With Quote
Old 12-24-2008, 08:41 AM   #11
Senior Member
 
Ray,IN's Avatar
 
Join Date: Aug 2001
Location: North America somewhere
Posts: 30,592
After reading the complete news story, It sounds like a stand-up company trying to survive this recession while keeping all employees working. I suspect they were trapped holding expensive oil futures when the bottom dropped out. Now, can't obtain credit to weather the storm.
__________________
2000 Winnebago Ultimate Freedom USQ40JD, ISC 8.3 Cummins 350, Spartan MM Chassis. USA IN 1SG 11B5MX,Infantry retired;Good Sam Life member,FMCA." My fellow Americans, ask not what your country can do for you, ask what you can do for your country. John F. Kennedy
Ray,IN is offline   Reply With Quote
Old 12-24-2008, 10:56 AM   #12
Senior Member
 
GaryKD's Avatar
 
Newmar Owners Club
Join Date: Jul 2006
Location: Wellington, Florida
Posts: 13,599
The shortge of diesel seems to be only at the truck islands. Per Dirk's link, there is only one location having a RV diesel island supply problem. Maybe when the trucks start lining up at the RV island they can teach me how to get my coach/toad safely out, across and then leave the RV/auto area of the J.
__________________
Gary
2005 Newmar KSDP 3910 + GMC ENVOY XUV 37K lbs Moving Down The Road
The Avatar Is Many Times Around The USA
Nobody Knows Your Coach Like Somebody Who Owns One Just Like Yours
GaryKD is offline   Reply With Quote
Old 12-25-2008, 01:09 PM   #13
Senior Member
 
Explorer2's Avatar
 
Tiffin Owners Club
Appalachian Campers
Coastal Campers
Join Date: Nov 2001
Posts: 167
We stopped at two different Flying J's the Dec 22 and 23rd along I-40 in NM and AZ both were out of unleaded gas.

Had wondered what was up (besides the bad weather)...now we know.

Enjoying AZ while we can!
__________________
Explorer2
2011 Tiffin Allegro34TGA
Explorer2 is offline   Reply With Quote
Old 01-07-2009, 09:28 PM   #14
Senior Member
 
Join Date: Jan 2006
Location: Toronto ON
Posts: 109
December 11 and 12 2008 stopped at every one along the I75 from North Ohio, Beverdams to Georgia, Lake Park. Business as usual. Didn't realize they were in trouble...

Again starting on Jan 1 2 and 3 2009. I did notice that in both trips, there were no line-ups. I was always the first to pump...

PhanTomiZ
Phantomiz is offline   Reply With Quote
Reply



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Flying J Files for Chapter 11 Hitchhiker iRV2.com General Discussion 2 12-24-2008 08:43 AM
Flying J files chapter 11 Pusherpilot Monaco Owner's Forum 2 12-22-2008 09:49 PM
Flying J Files Chapter 11 Poltax Class A Motorhome Discussions 2 12-22-2008 12:16 PM
National Chapter 11 Blue Ribbon National RV Owner's Forum 7 12-21-2007 10:01 PM
Delphi - Chapter 11 DriVer Just Conversation 3 10-09-2005 03:11 AM

» Featured Campgrounds

Reviews provided by


All times are GMT -6. The time now is 09:36 PM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.