Philly Refinery Sues Insurers Over $1.25B Payout For Ch. 11

Law360 (February 13, 2020, 8:51 PM EST) -- Philadelphia refinery owner PES Holdings sued 22 insurers and policy underwriters late Wednesday for full payment of $1.25 billion in business interruption policy benefits described as essential to its newly confirmed Delaware Chapter 11, accusing the insurers of unjustly resisting the payout.

The seven-count adversary proceeding filed in U.S. Bankruptcy Judge Kevin Gross' court accused the companies of feigning cooperation while preparing to avoid what PES said were commitments under a string of policies for catastrophic loss protection that had been in effect for years.

PES, which also sought damages in the new suit, said it has received only $65 million...

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