Northeast Refiner PES Opens $1B-Plus Chapter 11

Law360, Wilmington (January 22, 2018, 2:48 PM EST) -- Philadelphia Energy Solutions LLC, the Northeast’s largest remaining refinery complex, sought Chapter 11 protection in Delaware early Monday, filing a prepackaged plan to restructure more than $1 billion in debt and equity in just one month, including about $739 million in loans or related obligations.

PES, which owns a sprawling, 1,300-acre complex south of Philadelphia's Center City area, said the company hopes to secure court confirmation by Feb. 23, noting an “overwhelming level of support” for the plan and restructuring support agreement. The plan would provide...
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