Flying J Files for Chapter 11 Bankruptcy

By Michael Stafford
NewsWest 9

Monday's bankruptcy filing for the Flying J Truckstop is a sign of troubled times, but the good news is they'll reorganize and continue operating as usual.

In fact, if you drive by any Flying J Truckstop, you wouldn't even know it's happening.

Trucks are coming and going as usual.

Monday's filing will allow the company to address near term liquidity needs brought about by the falling price of oil.

There are 250 travel stops across the Country, but no one is losing their job.

In a statement released on Monday, company officials say they're optimistic they can generate substantial cash internally to allow them to meet their obligations and move forward.

Officials say employees will continue to get paid on time, and nobody will lose their health benefits.

Flying J is listed in the top 20 of the largest private companies in america and last year alone, they had sales exceeding 16 billion dollars, but those sales were during a time when oil hit 147 dollars a barrell.

So the company will just have to wait and see where oil prices go in the new year to determine just how long they may be in bankruptcy.