Flying J Inc. Files First Day Motions and Applications

As reported in an earlier post, Flying J Inc., the country’s 16th largest privately-held company according to Forbes Magazine, filed for bankruptcy today in the United States Bankruptcy Court for the District of Delaware.  As is customary in large corporate bankruptcy cases, the company immediately filed certain applications and motions seeking relief under (or from) certain sections of the Bankruptcy Code to allow it to continue operating its businesses.  The following is a list of the motions and applications that the company has filed thus far:

• Declaration of J Phillip Adams in Support of Emergency First Day Pleadings
• Motion for Joint Administration
• Motion to Pay Employee Wages , Salaries and Other Compensation, Reimbursable Employee Expenses and Employee Medical and Similar Benefits; and (B) to Continue Their Workers’ Compensation Program
• Motion to Maintain Bank Accounts (A) Continue Using Their Existing Cash Management System, and Business Forms; (B) Maintain Existing Investment Practices; and (C) Continue Ordinary Course Intercompany Transactions and Intercompany Loans
• Motion to Use Cash Collateral (Big West), (B) Granting Adequate Protection to Prepetition Lenders and (C) Scheduling a Final Hearing
• Motion to Use Cash Collateral (Longhorn) (B) Granting Adequate Protection to Prepetition Lenders and (C) Scheduling a Final Hearing
• List of Creditors

A hearing on the first day motions is currently scheduled for December 23rd at 2:30 p.m. (Eastern).

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Flying J Inc. Files for Bankruptcy in Delaware

Flying J Inc., the country’s 16th largest privately-held company according to Forbes Magazine, filed for bankruptcy today in the United States Bankruptcy Court for the District of Delaware.  The company, probably best known for its 200 “travel plazas” located on highways in 41 states and Canada, is a fully-integrated “oil company with operations in the fields of exploration, production, transportation, wholesaling and retailing of petroleum products” according to its first-day affidavit.  In addition to its retail operations, it also operates two refineries (located in Utah and California) that together have the capacity to refine over 100,000 barrels of crude oil per day and a 700-mile common carrier oil pipeline running from the Gulf Coast near Houston to El Paso, Texas with a present capacity of 80,000 barrels per day.

The company’s bankruptcy filing was precipitated by the significant drop in oil prices that has occurred since September 2008.  This drop in oil prices, combined with a large investment required to maintain the company’s oil pipeline, created a near-term liquidity crisis, as the company lost access to $155 million in liquid capital.

Key facts about the filing:

• Assets: $3.65 billion (per Forbes)
• Revenues: $16.2 billion
• Employees: 16,000
• Largest Creditors: Zion Bank ($86 million); Conoco Philips Company ($69 million); Berry Petroleum Company ($26 million); Houston Refining, L.P. ($19 million); and BP & Oil Co. ($17 million)
• Headquarters: Ogden, Utah
• Related Companies Also Filing Petitions: Big West of California, LLC; Big West Oil, LLC; Big West Transportation, LLC; Longhorn Pipeline Partners, L.P.; Longhorn Pipeline Holdings, LLC; Longhorn Pipeline, Inc.
• Lead Debtor Counsel: Kirkland & Ellis LLP

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Creditors Vote in Favor of Wellman, Inc. Plan of Reorganization

On Friday, the results of voting on the Third Amended Joint Plan of Reorganization (as Modified) for Wellman, Inc. and its affiliates were filed with the bankruptcy court.  Only three classes of claims were entitled to vote on the plan and all three classes voted in favor of the plan.  The results were as follows:

• Class 2 (First Lien Term Loan Claims):
  • Number of Valid Votes: 50 (none rejected as non-conforming)
  • Amount of Voting Claims: $180.5 million
  • Percentage in Favor (by number): 90%
  • Percentage in Favor (by dollar amount): 82.15%
• Class 3 (Second Lien Term Loan Claims):
  • Number of Valid Votes: 64 (none rejected as non-conforming)
  • Amount of Voting Claims: $255 million
  • Percentage in Favor (by number): 81.25%
  • Percentage in Favor (by dollar amount): 83.29%
• Class 4 (General Unsecured Claims:
  • Number of Valid Votes: 224 (11 rejected as non-conforming)
  • Amount of Voting Claims: $42.6 million
  • Percentage in Favor (by number): 94.64%
  • Percentage in Favor (by dollar amount): 99.01%

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Deadline (Bar Date) Set for Filing Claims Against Boscov’s (BSCV, Inc.)

The bankruptcy court has set a deadline (or bar date) for the filing of proofs of claim against Boscov’s Inc. (now known as BSCV, Inc.) for certain types of claims.  The deadline for the filing of proofs of claim on account of most claims arising before Boscov’s filed for bankruptcy (August 4, 2008) is 5:00 p.m. (Pacific) on March 2, 2009.  Please note that certain claims are excluded from the bar date.

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Chapter 11 Trustee Appointed for Failed Law Firm Dreier LLP

On Friday, the bankruptcy court entered an order appointing a chapter 11 trustee for the law firm Dreier LLP, which filed for bankruptcy last week in the wake of the arrest of the firm’s founder, Marc Dreier.  The order was entered in response to the motion requesting the appointment of a trustee by the federally-appointed receiver for Mr. Dreier’s assets (including his interest in Dreier LLP), Mark F. Pomerantz.  The order obligates the United States Trustee for the district (the Southern District of New York) to appoint a trustee for the estate, but the United States Trustee had not yet filed a notice of appointment (which would identify the chapter 11 trustee) as of Sunday night.

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Washington Mutual (WaMu) Files Schedules of Assets and Liabilities

Washington Mutual, Inc. filed its Schedules of Assets and Liabilities and its Statement of Financial Affairs on Friday.  The Schedules and Statement describe the company’s assets and liabilities in significant detail and include a list of all of the company’s known creditors (including disputed claims). 

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Circuit City Files Schedules of Assets and Liabilities

Circuit City Stores, Inc. filed its Schedules of Assets and Liabilities and its Statement of Financial Affairs on Friday.  The Schedules and Statement describe the company’s assets and liabilities in significant detail and include a list of all of the company’s known creditors (including disputed claims). 

Download a copy of Circuit City’s Schedules and Statement here.  Try our system completely free.