One of the largest private companines in America, with sales in 2007 that exceeded $16 billion dollars, just filed today for Chapter 11. Flying J which employs over 16,000 people in the US and Canada have been hit  very hard by the quick decline in oil prices.

FLYING J FILES TO REORGANIZE UNDER CHAPTER 11
All Operations Are Open and Conducting Business As Usual Filing Will Allow Company to Address Near-Term Liquidity Pressures
Ogden, UT, December 22, 2008 – Flying J Inc. today announced that the Company and certain of its subsidiaries have filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court in Delaware. The filing will allow the Company to address near-term liquidity needs brought about by the precipitous decline in oil prices coupled with the disruption in the credit markets.

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. 

For full press release click here.

source [flyingj.com]