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....

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS