Eyeing Emergence, Flying J Files Updated Ch. 11 Plan

Law360, New York (June 1, 2010, 6:52 PM EDT) -- Bankrupt oil company Flying J Inc. has filed an updated version of its reorganization plan that contemplates paying off all creditors in cash and reinstating the debtors' equity, saying in court papers that it is on the brink of emerging from Chapter 11.

The debtors filed a joint reorganization plan and disclosure statement in the U.S. Bankruptcy Court for the District of Delaware on Friday.

Flying J previously filed a Chapter 11 plan and disclosure statement in February. At the time, the debtors thought that part...
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