A Chinese bank asked a federal judge on Tuesday to deny Philadelphia Energy Solutions' initial bankruptcy requests, arguing it should get priority ...
NEW YORK: A Chinese bank asked a federal judge on Tuesday to deny Philadelphia Energy Solutions' initial bankruptcy requests, arguing it should get priority over any insurance payouts after a June fire destroyed a section of the PES refinery.
PES in recent weeks attempted to tap into US$1.25 billion in property damage and loss of business insurance coverage, but its request was denied, the company said in court filings.The refinery said that refusal forced it to enter Chapter 11 bankruptcy over the weekend. With the infusion of funds, PES said it could have kept the facility open, but instead it is in the process of draining the 1,300-acre site of its inventory and idling the facility.
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