Philly Refinery Ch. 11 Plan Docs OK'd Without Dollar Amounts

Law360, Wilmington (December 11, 2019, 4:44 PM EST) -- The Chapter 11 plan disclosure statement of refinery operator Philadelphia Energy Solutions received court approval Wednesday in Delaware despite the document's lack of dollar amounts describing potential creditor recoveries.

During a hearing in Wilmington, United States trustee representative David Buchbinder said the lack of that critical information in the plan disclosure statement weighed heavily against approval, but said the rest of the document appeared to provide adequate information to creditors that will be voting on the plan.

"The acid test of a disclosure statement is to tell the creditors what they're going to get and when they're going to get it,"...

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