Magellan Snags Flying J's Pipeline In $350M Deal

Law360, New York (July 27, 2009, 8:16 PM EDT) -- A bankruptcy court on Monday approved the sale of Flying J Inc.’s 700-mile common carrier pipeline system to operator Magellan Midstream Partners LP in an approximately $350 million deal that brings the oil company one step closer to emerging from Chapter 11.

In an order signed Monday in the U.S. Bankruptcy Court for the District of Delaware, Judge Mary F. Walrath authorized the sale of substantially all of the assets of debtor Longhorn Partners Pipeline LP to Magellan for $250 million plus the fair market value...
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