Philadelphia Energy Solutions received court approval to tap the remaining $35 million of a $100 million bankruptcy loan, which would allow the oil refinery operator to sell assets and wind down operations.
PES Holdings LLC has resolved all objections from creditors regarding the debtor-in-possession financing after four months of negotiations, an attorney for PES, Matthew C. Fagen of Kirkland & Ellis LLP, said during a Nov. 14 hearing at the U.S. Bankruptcy Court for the District of Delaware.
The terms of the loan, which is administered by Cortland Capital Market Services LLC for a lender group, are “fair and reasonable,” ...
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