Philadelphia Energy Solutions filed for Chapter 11 bankruptcy protection, the company said on Monday, its second such filing in less than two ...
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 success of our plan is critical to energy supply and security for the region, the Commonwealth of Pennsylvania and the City of Philadelphia," Smith said. PES has multiple owners, including investment bank Credit Suisse and investment firm Bardin Hill, and has both assets and liabilities between US$1 billion and US$10 billion, court filings show.
The company began selling its oil supplies and some equipment since announcing it would seek to shut the plant, triggering employee concerns PES no longer aimed to find a buyer willing to restart the refinery as it had initially said.
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