Philly Refinery Backs Senior Lender In $1.25B Insurance Fight

Law360 (January 14, 2020, 11:04 PM EST) -- The owner of the idled Philadelphia Energy Solutions refinery told a Delaware judge Tuesday that other creditors can't "leap frog" over term loan lenders that it argues have priority rights to $1.25 billion in insurance proceeds to cover business interruption costs following a massive explosion that blasted the owner of a Philadelphia oil refinery into Chapter 11 last year.

After a lengthy hearing in Wilmington, U.S. Bankruptcy Judge Kevin Gross said he would render a decision soon on the insurance dispute as PES Holdings LLC moves toward a confirmation hearing on its Chapter 11 plan scheduled for next month.

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