Bankrupt Philadelphia Refinery Seeks $2.5 Million for Executives

Nov. 26, 2019, 7:05 PM

Philadelphia Energy Solutions says its management team deserves $2.5 million in bonuses because they have specialized knowledge and will get more for creditors and the estate than a chapter 7 trustee.

A chapter 7 trustee who doesn’t understand the business would be unlikely to get the best price from an asset sale or the most from insurance recovery, PES Holdings LLC said in a liquidation analysis filed Nov. 26 with the U.S. Bankruptcy Court for the District of Delaware. “This is particularly true in light of the highly technical nature of the Debtors’ business and insurance recovery process,” PES said. ...

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