Flying J filed for Chapter 11 bankruptcy Monday, Dec. 22, but says all its truck stops will remain open and that customers won’t notice any difference.
Based in Ogden, UT, the company has about 250 travel plazas and fueling stations across the country. Much of its money, however, comes from its oil production, refining and pipeline operations.
The company, which employs about 16,000 people, had sales of more than $16 billion in 2007, according to Bloomberg.
The company’s president said a combination of plummeting oil prices and tight credit forced Flying J to file for bankruptcy. Chapter 11 bankruptcies are filed by companies that intend to remain in business and that want the courts to protect them from their creditors while they reorganize financially.
The company’s press release said it has no choice, due to a “sudden and unanticipated inability to meet its liquidity needs.”