PES Chapter 11 Plan Gets Court Nod After Creditor Settlement

Feb. 13, 2020, 2:58 AM

Philadelphia Energy Solutions Inc. received tentative approval of its Chapter 11 plan after reaching a $25 million settlement Wednesday with creditors and negotiating a higher price for the sale of shuttered refinery assets.

After the settlement, creditors dropped their opposition to the company’s fourth amended plan and the $252 million asset sale to Hilco Redevelopment Partners, an affiliate of Hilco Global. As part of negotiations that led to the settlement, Hilco agreed to increase the price from its earlier bid of $240 million.

The settlement and subsequent sale will likely allow the refinery operator to soon wrap up its Chapter ...

To read the full article log in. To learn more about a subscription click here.