I had no idea flying J filed for bankrupcy. The weird thing is I went on there website yesterday and saw that many of there stations throughout the U.S. were out of or indanger of running out of gasoline. I also noticed there prices of gasoline went up in the last week, but diesel eather dropped or stayed the same. We usually stop at flying j's when ever we travel and have had no problems. They rescently built a new flying j somewhat near us in rock hill,sc. That one is always packed with truckers and rv's. Poor management? Or just the sign of the times?
QUOTE(RL36 @ Dec 27 2008, 12:12 PM) [snapback]14620[/snapback] I had no idea flying J filed for bankrupcy. The weird thing is I went on there website yesterday and saw that many of there stations throughout the U.S. were out of or indanger of running out of gasoline. I also noticed there prices of gasoline went up in the last week, but diesel eather dropped or stayed the same. We usually stop at flying j's when ever we travel and have had no problems. They rescently built a new flying j somewhat near us in rock hill,sc. That one is always packed with truckers and rv's. Poor management? Or just the sign of the times? Heres a link to their press release. It appears they may have had a line of credit problem with their bank. http://www.flyingj.com/flyingjPortalWebPro...amp;_subpage=15
I hope the J will stay a float. We use them a lot in our travels. News release I saw said J had planned to keep 16,000 employees if possible. I also noted on Sat. the price of gas was up as well. Last week it was way down. I hope they can get back up again.
They will manage. At worse I would think they would close all their intown type convienience stations and keep the truck stop stations open and running along with their motels, restaurants and other enterprises.
Flying J hedged fuel a few months ago when the price was in the 140 a barrel. They have to pay and refine that fuel now and can not get a loan to cover it so they have not paid one of their pil suppliers for a month. It will be a week or so till a receiver is appointed and they can get deliveries set back up. They say they will use internal cash as they have assets of a billion or so and liabilities of 500 million. It is a cash crunch. I wonder if they will hedge in the future. I doubt it. It is one of the reason they have had cheaper fuel. But it is so volatile now that if it goes far enough down they will be able to lock in long term contracts but the sellers will have to agree. ANd after not being paid I wonder if they will accept it. They used to pay every 50 days now they are on an 8 day schedule.
