As reported yesterday in a CSP Daily News Flash, Maggelet is the daughter of Flying J founder O. Jay Call and has served on the board for more than 20 years. She and her husband, Chuck Maggelet, own and operate a successful regional chain of hotels called the Crystal Inn. Ms. [image-nocss] Maggelet holds an MBA from Harvard University. Flying J founder O. Jay Call and Richard E. "Buzz" Germer, along with Germer's wife, Ilene, were killed in a small plane crash in 2003.
Based in Ogden, Utah, Flying J Inc. is among the 20 largest private companies in America, with 2008 sales exceeding $18 billion. The fully integrated oil company employs more than 16,000 people in the United States and Canada through its interstate operations, transportation, refining and supply, exploration and production, as well as its financial services and communications divisions.
"To maintain continuity of vision, the board has asked me to assume an active role in the day-to-day operation of the company, which I am pleased to take on," said Maggelet. "We are fortunate to have in place at Flying J a deep bench of seasoned division leaders and strong teams of employees performing at a high level both at corporate and in the field. In addition, we are receiving tremendous counsel and support from our team of restructuring experts, including our new Chief Restructuring Officer John Boken, our financial advisor The Blackstone Group LP and our law firm of Kirkland & Ellis LLP. As a result, we have great confidence in the company's ability to successfully emerge from its current restructuring a much stronger company with bright future prospects."
Flying J said that Boken, a senior managing director from the firm of Zolfo Cooper, has joined Flying J as an advisor in Flying J's restructuring effort. He will serve as Chief Restructuring Officer for Flying J while the company is in Chapter 11. In this role, he will lead the company's overall restructuring process-serving as a liaison to our various creditor groups, working with Kirkland & Ellis on legal and Bankruptcy Court matters, and assisting The Blackstone Group on critical restructuring challenges.
In addition, he will be working closely with Flying J management on addressing liquidity needs, resolving certain operating issues and in developing the business plans and financial forecasts necessary to chart the company's path out of Chapter 11. "His assistance and expertise will be invaluable and will allow Flying J management to stay better focused on running our day-to-day businesses," the company said.
Boken has more than 18 years of corporate restructuring experience. He has led more than 50 restructuring projects in a variety of industries, including, energy, healthcare, manufacturing, retail and agriculture. He has served as Chief Restructuring Officer and in other senior management capacities in numerous restructuring situations over the past 10 years. He has deep expertise in developing business turnaround strategies and formulating debt restructuring plans.
He will be assisted by a team of experienced restructuring professionals from Zolfo Cooper, led by Bill Murphy and Mike Wyse.
"All of us at Flying J recognize and appreciate the contributions Phil has made to the company over the years, and we wish him well," added Maggelet. "Given the challenges our company is currently facing, however, it is essential that we look forward."
Click herefor previous CSP Daily News coverage of Flying J's bankruptcy.
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