Flying J

[Beatenbo]

I was noticing on Flying J website a lot of sites were low on gas. I stooped in SC this evening and all the regular pumps were bagged. I said something to an employee about selling a lot of gas and she said there were some problems. According to her FJ filed chapter 11 yesterday. They may have trouble with their suppliers. Another sad event in todays economy if true.

[circusboy90210]

nothing sad about a company who went along with hedging oil prices that have been a drag on our economy. company's come & go no big loss t's just competition in a free market economy

[Gary '79 5C]

If Flying J got caught with hi priced futures that was the doing of someone in their corporate office.

I do feel for those employees in many small towns, who worked 24/7 shifts and now may face unemployment in a small market, in toughest of times.

[rv_safetyman]

We have two Flying J threads going.  The other one is:  http://www.busconversions.com/bbs/index.php?topic=10507.0

This thread would suggest that the first impact of the bankruptcy filing has disrupted their fuel supply.  Not sure why that would be, since they have their own refineries.  Perhaps they purchase locally when their refineries are too far away to truck economically.

Jim

[belfert]

It makes sense for a company to lock in oil prices when they are going up daily with no end in sight.  A few folks said the high prices couldn't last, but most were predicting a return to $90 or $100, not $40.

How many busnuts would have locked in a year's supply of diesel at $4 a gallon (if they could) when prices were at $4 and skyrocketing?

[cody]

[quote  &go no bigloss t's justcmptitionin a free arkt economy.m8)0
[/quote]    huh?

[Kirby-XL40-FL]

[quote  &go no bigloss t's justcmptitionin a free arkt economy.m8)0
[/quote]    huh?


I suspect he meant to say "no big loss, it's just competition in a free market economy."  Must be missing some keyboard keys or some fingers.

Linda K

[Paso One]

[quote  &go no bigloss t's justcmptitionin a free arkt economy.m8)0

huh?


I suspect he meant to say "no big loss, it's just competition in a free market economy."  Must be missing some keyboard keys or some fingers.

Linda K


[/quote]


Very good Linda K    I'm impressed

[cody]

Does he use a blackberry type of thing? I was looking at my daughter's phone or what ever it was and it only had a really small abbreviated keyboard, never did figure out how to do texting anyway so maybe that explains the typos or strange words.  I'm not sure how my fat fingers are supposed to hit those little bitty keys anyway lol, my aim wasn't that good before the parkinsons hit much less now lol.

[John316]

idont thikth issde cas... ipt pbly jsutmsitiped (I don't think that is the case...probably just mis-typed )


Just kidding of course. No really, Linda, I am impressed. Are you a translator? Good work. 

I feel badly for Flying J. They had a great business, IMHO. We always liked to stop there. I hope that they pull through, without government bailout. We sure don't need another company going out right now.

Cody, I didn't know that you had PD. I know that it is difficult. Somebody that is very close to me has PD (he is trying to "delay the disease", as he says, with exercises). It can be really tough. I will be praying for you.

Merry Christmas,

God bless,

John

[circusboy90210]

bankruptcy doesnot automatically mean liquidation or out of business
    * Chapter 7: basic liquidation for individuals and businesses;
    * Chapter 9: municipal bankruptcy;
    * Chapter 11: rehabilitation or reorganization, used primarily by business debtors, but sometimes by individuals with substantial debts and assets;
    * Chapter 12: rehabilitation for family farmers and fishermen;
    * Chapter 13: rehabilitation with a payment plan for individuals with a regular source of income;
    * Chapter 15: ancillary and other international cases.

The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13. As much as 65% of all U.S. consumer bankruptcy filings are Chapter 7 cases. Corporations and other business forms file under Chapters 7 or 11.
n Chapter 7, a debtor surrenders his or her non-exempt property to a bankruptcy trustee who then liquidates the property and distributes the proceeds to the debtor's unsecured creditors. In exchange, the debtor is entitled to a discharge of some debt; however, the debtor will not be granted a discharge if he or she is guilty of certain types of inappropriate behavior (e.g. concealing records relating to financial condition) and certain debts (e.g. spousal and child support, student loans, some taxes) will not be discharged even though the debtor is generally discharged from his or her debt. Many individuals in financial distress own only exempt property (e.g. clothes, household goods, an older car) and will not have to surrender any property to the trustee. The amount of property that a debtor may exempt varies from state to state. Chapter 7 relief is available only once in any eight year period. Generally, the rights of secured creditors to their collateral continues even though their debt is discharged. For example, absent some arrangement by a debtor to surrender a car or "reaffirm" a debt, the creditor with a security interest in the debtor's car may repossess the car even if the debt to the creditor is discharged.

In Chapter 13, the debtor retains ownership and possession of all of his or her assets, but must devote some portion of his or her future income to repaying creditors, generally over a period of three to five years. The amount of payment and the period of the repayment plan depend upon a variety of factors, including the value of the debtor's property and the amount of a debtor's income and expenses. Secured creditors may be entitled to greater payment than unsecured creditors.

In Chapter 11, the debtor retains ownership and control of its assets and is re-termed a debtor in possession ("DIP"). The debtor in possession runs the day to day operations of the business while creditors and the debtor work with the Bankruptcy Court in order to negotiate and complete a plan. Upon meeting certain requirements (e.g. fairness among creditors, priority of certain creditors) creditors are permitted to vote on the proposed plan. If a plan is confirmed the debtor will continue to operate and pay its debts under the terms of the confirmed plan. If a specified majority of creditors do not vote to confirm a plan, additional requirements may be imposed by the court in order to confirm the plan.

[John316]

CB,

Did you copy that last post??? If not wow. Good job...If so, you have a great set of resources .

Merry Christmas,

God bless,

John

[jackhartjr]

I hate this mostly for the folks that work there.
I also hate it for the folks like us that have conversions that park there as well as for truckers loosing about 50,000 parking places...which at this time is a big deal, there is not enough parking for trucks as it is.
I also hate it because there is less competition for Pilot, TA, Petro, etc.  (By the way, the worst truck stop chain, TA, bought the best on, Petro last year.  What a shame!)
On the other hand I wonder...how can I feel sorry for a company that has screwed me so bad lately!
Jack

[circusboy90210]

CB,

Did you copy that last post??? If not wow. Good job...If so, you have a great set of resources .

Merry Christmas,

God bless,

John

yes best resources known 2 man the internet & soon to b revamped internet & internet  soon 2 b available

[belfert]

Flying J has announced they are not closing any truck stops and are not doing any layoffs at this time.  Chapter 11 does not mean Flying J is closing.