Bankrupt Philadelphia Refinery Gets $50M Insurance Advance

Law360 (September 13, 2019, 8:26 PM EDT) -- The bankrupt owner of a Philadelphia-area refinery told the Delaware bankruptcy court Thursday that a group of insurers are set to make a $50 million advance in business interruption insurance funds in its Chapter 11 following a June blaze that forced the plant’s closure.

In a notice filed in U.S. Bankruptcy Judge Kevin Gross’ court, PES Holdings LLC said certain insurers are set “to make an initial advance payment” in the Chapter 11 per a stipulated agreement, as a bigger battle brews over $1.25 billion in insurance proceeds.

Also signed on to the stipulated agreement is prepetition lender ICBC Standard Bank...

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