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Internal memo: Refinery could sell this summer
The owner of Big West refinery in Bakersfield expects to sell the plant this summer, according to an internal memo that some suggest may be overly optimistic. The May 4 memo, said to have been issued by top management at Utah-based Flying J Inc., states that interest in the refinery “has been good, but there is much work to do,” in part because of the company’s cumbersome bankruptcy case. When the memo came up Wednesday in a meeting at the Rosedale Highway refinery, some in attendance expressed worries that workers laid off from jobs at the refinery would find hope in the document and stop looking for work elsewhere, union official Ed Huhn said.
1 comments from 1 users
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posted by
alexlvr
on May 14, 2009 at 10:41 AM
Thanks for the update. Do keep the community informed. The May 4 memo was originally posted on the FlyingJ.com website NOT the BigWest website, as one would think. When I tried to access it today, I couldn't find it anywhere. I suggest that those interested in updated news...should frequently check the flyingj.com website. The May 4 memo was listed under "restructuring update" last week. Not sure why they pulled it. I made a copy. Excerpt: Question: What is the status of the sale of the Longhorn Pipeline and the Bakersfield refinery? Answer: "We are continuing separate processes to sell both the Longhorn Pipeline and the Bakersfield Refinery. We have contracted with investment bankers to assist in those processes. Interest in both assets has been good, but there is still work to do. We are following the established procedures for selling assets during a bankruptcy case which takes some additional time. Nevertheless, we hope to have both of these sales finalized during the summer." My comment: I am surprised they stated end of summer...if they are not in negotiations yet...and there is nothing showing on the bankruptcy docket stating they are pursuing its sale. For those who were laid off and haven't found jobs...keep looking. Sales during bankruptcy proceedings are very lengthy....and this one hasn't even started.
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