Flying J is flying into bankruptcy. Flying J has landed in Chapter 11 Bankuptcy. The company runs oil refineries and truck stops.

Flying J says today it seeks Chapter 11 “to address near-term liquidity needs brought about by the precipitous decline in oil prices coupled with the disruption in the credit markets.”

The company issued the following statement:

“All of Flying J’s operations, including approximately 250 travel plazas and fuel stops, are open and serving customers in the normal course. The company plans to continue normal business operations as it moves through the reorganization process.

“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.

“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.”