Philly Refinery Puts Restructuring, Sale Options In Ch. 11 Plan

Law360 (October 11, 2019, 2:40 PM EDT) -- Philadelphia's sprawling PES Holdings LLC refinery filed a three-option Chapter 11 plan in Delaware late Thursday, with leeway for an equity restructuring, sale or auction of the 1,300-acre complex, blasted by a June explosion into its second bankruptcy in less than two years.

In a motion filed in U.S. Bankruptcy Judge Kevin Gross’ court, PES said the “toggle” plan gives the debtors the option of pursuing a debt-for-new-equity swap — dubbed an equitization reorganization — or one of the two forms of sale, with a court confirmation by Jan. 22.

Timetables in the filings include a disclosure statement hearing on Nov....

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