NuStar Gets Bargain On Bankrupt Texas Refinery

Law360, New York (April 15, 2011, 1:42 PM EDT) -- NuStar Energy LP said Friday it had struck a deal to buy San Antonio oil refining assets from bankrupt military contractor AGE Refining Inc. for $41 million in a deal it said was not only cheap, but would immediately boost earnings.

The purchase won approval from Judge Leif M. Clark on Thursday in the U.S. Bankruptcy Court for the Western District of Texas, where AGE filed for Chapter 11 in February 2010 with less than $50 million in assets but owing creditors $148 million.

The San...
To view the full article, register now.