Here is recent update on Flying J selling (& Buying) assets to get out Chap 11 – it’s now closer to Selling subsidary Big West Bakersfield coking Ref in Calif a 66 MBD Coking Refinery to Paramount Pet (which is a subsidiary of Isareli owned Alon Energy) for $40MM including inventories.
Big West bought the Bakersfield coking refinery from Shell in Mar 2005 (after Shell announced closure in Oct 2004) and then was merged into Fly J which later-on had to file for Chap 11 & reorganization in Dec 2008.
Alon mentions the Bakersfield Refinery expansion with a New 22MBD coking unit at the refinery has been scrapped. It will instead undertake an integration to Alon’s exiting Paramount Refinery.
Also mentioned is $300-500MM cash for Fly J plazas (270) merger with Pilot Travel Centers (300) ~$4.2B value – which should allow Fly J to exit Chap 11.
Regards
