Ogden, Utah-based Flying J Inc. has filed voluntary petitions for itself and some of its subsidiaries to reorganize under Chapter 11.  The company operates nearly 250 travel plazas and gas stations nationwide, and it had 2007 sales exceeding $16 billion.

Flying J President and CEO J. Phillip Adams said the filing was triggered by a number of factors, including the steep drop in oil prices and the lack of financing available in a tough credit market. “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,” Adams said.

All of Flying J’s operations continue to serve its customers in the interim, and the company said it plans to continue operating its businesses as normal while it moves through the reorganization process.

The Chapter 11 filing includes Flying J and its Big West refining and Longhorn Pipeline subsidiaries. Other subsidiaries and affiliates, including those in Canada, weren’t included in the filing and aren’t subject to the reorganization.

“The good news is we have valuable assets, we do not expect layoffs will be necessary, and we are optimistic we will be able to generate substantial cash internally to allow us to meet our obligations going forward,” Adams said. “Our objective is to move through this process as quickly as possible and to work toward a solution that will address our short-term liquidity needs and allow us to meet our past obligations in full.”