Oil Giant Flying J Lands In Ch. 11

Law360, New York (December 29, 2008, 12:00 AM EST) -- Flying J Inc., a privately held oil refining and distribution company, has filed for Chapter 11 bankruptcy protection in order to reorganize its balance sheet as it reels from a liquidity crunch prompted by plummeting oil prices and frozen credit markets.

In voluntary petitions filed Dec. 22 in the U.S. Bankruptcy Court for the District of Delaware, the Ogden, Utah-based Flying J and six affiliates listed assets of more than $1 billion and liabilities between $100 million and $500 million. The company said it plans to...
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