Truck Stop Chains Pilot, Flying J Plan Merger
Truck stop chains Pilot Travel Centers LLC and Flying J Inc. have agreed to a merger that would combine two of the largest U.S. truck stop chains and provide a framework for Flying J to emerge from Chapter 11 bankruptcy.
The two privately held companies said Tuesday they have reached a preliminary agreement to combine Flying J’s 270 and Pilot’s more than 300 travel centers, the Associated Press reported.
Under the deal, Pilot will provide $100 million in financing to satisfy Flying J’s creditors, subject to court approval, and the combined company is expected to be headquartered at Pilot’s offices in Knoxville, Tenn., AP said.
Flying J filed for bankruptcy in December, but has kept its travel centers open.
“After a careful and exhaustive review of the alternatives available, we have concluded that a merger with Pilot represents the best possible outcome for Flying J, our creditors, our customers, and our employees,” said Crystal Call Maggelet, Flying J’s chairman.
“We look forward to working closely with Flying J and its employees during the Chapter 11 emergence process, and as we take the next steps of a new beginning for both of our companies,” Jimmy Haslam, Pilot’s chief executive officer, said in a statement.
