Refiner, retailer Flying J files for bankruptcy

NEW YORK (AFP)


… “Even though Flying J today is a successful and historically profitable company, it faced near-term liquidity pressure from an unprecedented combination of factors: the precipitous drop in the price of oil and the lack of available financing from our traditional sources due to disrupted credit markets,” said J. Phillip Adams, president and chief executive.

“With this sudden and unanticipated inability to meet our liquidity needs, we regret that we had no other choice than a Chapter 11 filing to enable us to stabilize our financial base.”

AFP