NORTH SALT LAKE aEU" Bankrupt oil company Flying J Inc. is putting its Utah refinery up for sale. One analyst says it could go for cheap.
Flying J says it needs to unload the North Salt Lake refinery to pay some debts and emerge from bankruptcy.
New York-based refinery analyst Ann Kohler says about 10 refineries are up for sale nationwide with prices lagging. She says Flying J will have to offer a big discount.
Ogden-based Flying J says itaEU(tm)s closer to selling a refinery in Bakersfield, Calif.
The company, which filed for bankruptcy reorganization last December, already has sold a pipeline subsidiary in Texas. It plans to merge its truck stops with rival Pilot Travel Centers.
In addition, a Nebraska company is taking over Flying J Inc.aEU(tm)s truck service center business.
Bosselman Inc. has signed a long-term lease to operate Flying JaEU(tm)s network of
J Care Service Centers, which offer repair and maintenance of freight trucks at
15 locations in 11 states.
Flying J founder O. Jay Call grew the company from a single gas station in South Willard to a multibillion-dollar enterprise encompassing everything from oil exploration and drilling to fuel retailing and restaurants.