Ogden, Utah-based Flying J Inc., which filed for bankruptcy in December 2008, has filed a plan of reorganization through which it would repay all senior creditors by divesting most of its assets, including its travel center and trucking operations, Reuters reported.

Flying J filed for bankruptcy due to a drop in oil prices and tighter credit markets.

If the plan filed Thursday is approved, the privately-held company will have cut its businesses down significantly.The reorganized company will include a minority stake in the travel center or highway hospitality business; a 50% stake in its financial and fuel card services business; the 30,000 barrel per day NSL Refinery in Utah; and the Transportation Alliance Bank, an FDIC-insured business that makes loans to the transportation industry. It will continue to have some real estate holdings as well, Reuters noted.

Earlier this month, Alon USA Energy Inc. was selected by the bankruptcy court to be the “stalking horse” bidder for Flying J’s shuttered Bakersfield, Calif., refinery. Alon bid $40 million in cash plus an amount equal to inventory on hand for the 70,000 barrel per day (bpd) refinery shut in January 2009.

Flying J sold its Longhorn Partners Pipeline LP unit to Magellan Midstream Partners LP for $340 million last June and its oil and gas assets to El Paso Corp for $103.5 million in December.

Last July, Flying J agreed to sell its fuel-stop business to Pilot Travel Centers LLC for about $1.17 billion. Pilot will pay $515 million in cash and the remainder in the form of new equity securities. Flying J will have a 10 to 12% stake in Pilot after the transaction.