Bankrupt Philadelphia Energy Solutions, owner of the largest oil refinery on the East Coast, will attempt to restructure by offering company shares to creditors, and possibly explore liquidating all assets if the debt-for-equity swap fails.
The swap plan envisions converting the company’s secured debt to equity through a Chapter 11 reorganization, according to a disclosure statement and Chapter 11 plan filed by Oct. 10 by PES Holdings LLC, the entity under which Philadelphia Energy filed for bankruptcy in July.
If the plan fails, the company’s assets will be put up for sale in a court-approved auction, according to filings at ...
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