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PES to Detractors of Its Sale: Hold Up Here; Owner says oil refining won't be back.

Feb 11, 2020 - Philadelphia Inquirer
Bankruptcy

ABSTRACT

Owner says oil refining won't be back.

Philadelphia Energy Solutions on Monday urged the U.S. Bankruptcy Court to approve the sale of its shuttered South Philadelphia refinery complex to a Chicago real estate firm that plans to redevelop the 1,300-acre site, saying efforts to promote a return to oil-refining were a "fantasy."

PES lawyers, in court filings, defended a proposed reorganization plan that includes a $240 million sale to Hilco Redevelopment Partners o...