Philly Refinery Ch. 11 Plan Gets OK After $25M Creditor Deal
Law360, Wilmington, Del. (February 12, 2020, 11:03 PM EST) -- Philadelphia Energy Solutions LLC received court approval Wednesday in Delaware for a Chapter 11 plan centered on a $252 million sale of its sprawling refinery after reaching a last-minute deal with unsecured creditors and union workers that will make $25 million in cash available for distribution.
During a hearing in Wilmington, debtor attorney Steven N. Serajeddini of Kirkland & Ellis LLP said the deal created an option for general unsecured creditors to share in a $20 million pot of cash made available by secured-term loan lenders in exchange for dropping a challenge of those lenders’ liens and releasing all claims against...
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