Flying J Gets $20M DIP Facility For Pipeline

Law360, New York (May 8, 2009, 12:00 AM EDT) -- Bankrupt oil company Flying J Inc. has won court approval for $20 million in debtor-in-possession financing provided by a group of investors, and for a $1.5 million increase to a $10 million DIP facility provided by Merrill Lynch Commodities Inc.

Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware granted final approval to the DIP agreements on Thursday. Flying J has said that it needs the financing in order to continue operating the Longhorn Pipeline, a 700-mile oil pipeline leading from...
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