Philadelphia Energy Files for Bankruptcy After Refinery Fire (2)

July 22, 2019, 10:12 AMUpdated: July 22, 2019, 8:03 PM

Philadelphia Energy Solutions filed for bankruptcy protection and reached a financing agreement with debt holders as the fuel-making company grapples with the aftermath of a June explosion and fire at its oil refinery that forced it to shut operations.

The company submitted Chapter 11 petitions at the U.S. Bankruptcy Court for the District of Delaware on Julyl 21. It also entered into a proposed debtor-in-possession financing agreement with holders of its outstanding term loan debt for up to $100 million, the company said in a statement.

The moves provide the company “with the additional financing and liquidity necessary to ...

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