February 03, 2020
The union representing more than 600 employees of the Philadelphia Energy Solutions refinery shut down after an explosion objected Monday to the company's proposed Chapter 11 plan, saying court documents don't provide enough information about the future of the facility and collective bargaining agreement.
January 23, 2020
Unsecured creditors in the Chapter 11 case of refinery operator Philadelphia Energy Solutions were urged Thursday to reject the debtor's plan to sell the refinery because the deal doesn't offer the highest and best consideration.
January 14, 2020
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.
December 09, 2019
The U.S. Environmental Protection Agency asked a Delaware bankruptcy court to reject Philadelphia Energy Solutions' Chapter 11 plan disclosures, saying the plan does not say how the company will comply with a deal it reached with the agency during its last bankruptcy.
December 06, 2019
The Office of the U.S. Trustee told the Delaware bankruptcy court Friday that refinery operator Philadelphia Energy Solutions' proposed executive bonus plan in its Chapter 11 could prove far too costly, with a group of executives who were already lucratively rewarded set to receive as much as $20 million.
November 25, 2019
A lender to the company that owns the idled Philadelphia Energy Solutions refinery is fighting with unsecured creditors over a $1.25 billion insurance payout from the refinery fire that put PES Holdings into Chapter 11, with the bank seeking a priority claim and the creditors saying the lender's claim is limited.
November 25, 2019
Bankrupt refinery operator Philadelphia Energy Solutions proposed a key employee incentive program Friday in Delaware that would create a bonus pool of at least $2.5 million for a group of seven executives if they meet certain benchmarks.
November 14, 2019
PES Holdings LLC secured Delaware bankruptcy court approval Thursday for bid procedures that envision an auction in January for its crippled and idle south Philadelphia refinery, while affirming that an "as is, where is" provision in the procedures was not a blanket attempt to hand off environmental or other liabilities.
November 07, 2019
The city of Philadelphia filed a limited objection Thursday in Delaware court to the proposed bidding procedures of bankrupt refinery operator Philadelphia Energy Solutions, saying the size and nature of the facility to be sold requires input from the local government.
October 11, 2019
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.