PES Holdings, LLC

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Case overview

Case Number:

1:19-bk-11626

Court:

Delaware

Nature of Suit:

Firms

Companies

Government Agencies

Pennsylvania Department of Environmental Protection

Sectors & Industries:

January 23, 2020
Philly Refinery Creditors Urged To Oppose $240M Ch. 11 Deal

Unsecured creditors in the Chapter 11 case of refinery operator Philadelphia Energy Solutions were urged Thursday to reject the debtor's plan to sell the refinery because the deal doesn't offer the highest and best consideration.
January 14, 2020
Philly Refinery Backs Senior Lender In $1.25B Insurance Fight

The owner of the idled Philadelphia Energy Solutions refinery told a Delaware judge Tuesday that other creditors can't "leap frog" over term loan lenders that it argues have priority rights to $1.25 billion in insurance proceeds to cover business interruption costs following a massive explosion that blasted the owner of a Philadelphia oil refinery into Chapter 11 last year.
December 09, 2019
EPA Insists Philly Refinery Must Follow 2018 Ch. 11 Deal

The U.S. Environmental Protection Agency asked a Delaware bankruptcy court to reject Philadelphia Energy Solutions' Chapter 11 plan disclosures, saying the plan does not say how the company will comply with a deal it reached with the agency during its last bankruptcy.
December 06, 2019
US Trustee Flags Philly Refinery's Ch. 11 Exec Bonus Plan

The Office of the U.S. Trustee told the Delaware bankruptcy court Friday that refinery operator Philadelphia Energy Solutions' proposed executive bonus plan in its Chapter 11 could prove far too costly, with a group of executives who were already lucratively rewarded set to receive as much as $20 million.
November 25, 2019
Philly Refinery Creditors Fight Over $1.25B Insurance Payout

A lender to the company that owns the idled Philadelphia Energy Solutions refinery is fighting with unsecured creditors over a $1.25 billion insurance payout from the refinery fire that put PES Holdings into Chapter 11, with the bank seeking a priority claim and the creditors saying the lender's claim is limited.
November 25, 2019
Bankrupt Philly Refinery Floats $2.5M Exec Bonus Plan

Bankrupt refinery operator Philadelphia Energy Solutions proposed a key employee incentive program Friday in Delaware that would create a bonus pool of at least $2.5 million for a group of seven executives if they meet certain benchmarks.
November 14, 2019
Philly Refinery Gets OK For Possible Ch. 11 Auction In Jan.

PES Holdings LLC secured Delaware bankruptcy court approval Thursday for bid procedures that envision an auction in January for its crippled and idle south Philadelphia refinery, while affirming that an "as is, where is" provision in the procedures was not a blanket attempt to hand off environmental or other liabilities.
November 07, 2019
City Says It Wants A Role In Philly Refinery Ch. 11 Sale

The city of Philadelphia filed a limited objection Thursday in Delaware court to the proposed bidding procedures of bankrupt refinery operator Philadelphia Energy Solutions, saying the size and nature of the facility to be sold requires input from the local government.
October 11, 2019
Philly Refinery Puts Restructuring, Sale Options In Ch. 11 Plan

Philadelphia's sprawling PES Holdings LLC refinery filed a three-option Chapter 11 plan in Delaware late Thursday, with leeway for an equity restructuring, sale or auction of the 1,300-acre complex, blasted by a June explosion into its second bankruptcy in less than two years.
September 13, 2019
Bankrupt Philadelphia Refinery Gets $50M Insurance Advance

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.