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PES Holdings, LLC

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Case overview

Case Number:

1:19-bk-11626

Court:

Delaware

Nature of Suit:

Firms

Companies

Government Agencies

Sectors & Industries:

  1. January 27, 2022

    Former Refinery Owner Reaches Deal In Ch. 11 Insurance Row

    The former owner of a Philadelphia oil refinery that suffered a catastrophic explosion in 2019 has reached a deal to resolve a dispute with insurers over coverage for the property damage sustained in the blast and ensuing fire.

  2. December 16, 2021

    Former Philly Refinery Owner Gets Win In Row With Insurers

    A Philadelphia oil refinery that went bankrupt after a 2019 explosion won a battle in an ongoing dispute with insurers over a property damage claim, with a bankruptcy judge ruling in its favor on several disputes that will go to trial next month.

  3. December 06, 2021

    Philly Refinery's Insurers Ask Del. Court To Shrink Trial Claims

    Insurers of a shuttered Philadelphia oil refinery destroyed in 2019 by an explosion and fire argued to a Delaware federal bankruptcy judge Monday that the refinery's bankrupt former owner doesn't deserve a $130 million "windfall" of insurance proceeds to pay for labor costs because the plant isn't being rebuilt.

  4. November 16, 2021

    Philly Refinery, Insurers Reach $270M Deal On 2019 Blast

    The liquidating trust for former refinery operator PES Holdings has inked a $270 million deal resolving business interruption insurance claims against 27 insurers in the wake of the 2019 explosion and fire that put the operator out of business, according to a filing Tuesday in federal bankruptcy court.

  5. November 23, 2020

    Philly Refinery Lender Wants $1.3B Ch. 11 Ruling Flipped

    Lenders who lost a Delaware Bankruptcy Court ruling on division of $1.25 billion in insurance proceeds after a Philadelphia refinery explosion in 2019 told a U.S. District Court judge on appeal Monday the winning side wrongly sought to "tear the policy in half."

  6. June 25, 2020

    Philly Refiner Ducks Ch. 11 Sale Fight With Last-Minute Deal

    An eleventh-hour, $1 million compromise averted a Chapter 11 court battle in Delaware on Thursday over a bankrupt Philadelphia refinery's post-confirmation agreement to an 11% cut in its original $252 million deal to sell the fire-damaged complex.

  7. June 24, 2020

    Pa. Oil Refinery Says Redoing Ch. 11 Sale Would Be 'Terrible'

    The owner of an idled Philadelphia oil refinery told a Delaware bankruptcy judge on Wednesday that objections to a proposed $27.5 million reduction to the $252 million court-approved sale price would force the owner to restart the sale process — a "terrible decision" that would likely lead to expensive litigation over a $30 million deposit and other costs to the estate.

  8. June 19, 2020

    Philly Refinery Lenders Slam $27.5M Ch. 11 Sale Price Cut

    Two lenders to bankrupt Philadelphia refinery PES Holdings LLC on Friday urged a Delaware judge to compel a redevelopment buyer to pay the original $252 million it agreed to in a Chapter 11 sale earlier this year, despite a recent debtor agreement to a $27.5 million reduction.

  9. June 18, 2020

    Philly Refinery Trims Ch. 11 Sale Terms After Seller Balks

    The owners of a broken and bankrupt Philadelphia refinery reported a deal Wednesday to trim its already confirmed $252 million Delaware Chapter 11 sale in a settlement partly driven by buyer warnings of a deal breach and doubts over finding an alternative during a pandemic.

  10. June 03, 2020

    Philly Refinery Gets OK On Ch. 11 Deal To Cap EPA Claims

    The operator of a sprawling Philadelphia oil refinery received approval Wednesday from a Delaware bankruptcy judge for a settlement that will cap its obligations related to environmental regulatory rules at $10 million, down from the $35 million asserted by the federal government.

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