Philadelphia Energy Solutions (PES) filed for Chapter 11 bankruptcy protection, ...
NEW YORK/PHILADELPHIA - Philadelphia Energy Solutions filed for Chapter 11 bankruptcy protection, the company said on Monday, its second such filing in less than two years, after a fire last month prompted it to close the largest refinery on the U.S. East Coast.
The agreement “provides additional financing and liquidity necessary to ensure we can safely wind down our refining operations and... best position the company for a successful reorganization, the rebuilding of our damaged infrastructure, and a restart of our refining operations,” Mark Smith, chief executive officer of PES Energy, said in a statement.
The company has multiple owners, including investment bank Credit Suisse and investment firm Bardin Hill, and has both assets and liabilities between $1 billion and $10 billion, a filing made in U.S. Bankruptcy Court for the District of Delaware showed. The sale proposals included offers for future crude cargoes and time-chartered Jones Act vessels, sources had told Reuters.
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