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Philly Refinery Gets OK On $120M DIP In Fast-Track Ch. 11

Law360, Wilmington (January 23, 2018, 8:35 PM EST) -- The East Coast’s largest oil refinery received a Delaware bankruptcy court's approval Tuesday to access a $120 million post-petition financing package to fund its rapid trip through the Chapter 11 process, with prepetition term loan lenders providing the facility.

During a first-day hearing in Wilmington, attorneys for Philadelphia Energy Solutions LLC said the debtor-in-possession financing would provide enough cash to fund its operations through its planned 30-day bankruptcy case and would then roll into an exit facility to give the reorganized company working capital after it...
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