Flying J, Pilot merger would create huge national truckstop chain

摘要

Anti-trust regulators are expected to take a close look at the proposed purchase of bankrupt Flying J by its travel plaza rival Pilot Travel Centers.rnUnder the terms of the proposed agreement which needs U.S. bankruptcy court approval, Flying J will receive $300 million to $500 million from Pilot so that it may continue to operate its retail network, plus a stake in Pilot. Pilot also agreed to provide $ 100 million of debtor-in-possession financing to ailing Flying J.rnThe bailout, which will enable Flying J to pay off all of its creditors, was possibly Flying J's last hope of emerging from Chapter 11 bankruptcy. Court papers say that the company's reserves are down to $28.5 million and it is required to replace more than $22 million in surety bonds that will be terminated Aug. 4.