The Philadelphia Energy Solutions oil refinery site will be sold for $252 millio...
NEW YORK - The Philadelphia Energy Solutions oil refinery site will be sold for $252 million and redeveloped under a plan approved in bankruptcy court on Thursday, ending months of uncertainty over whether the idled plant would be restarted, court filings show.
Hilco Redevelopment Partners, which becomes the new owner of the roughly 1,300-acre PES refinery site as part of the plan, is expected to build warehouses and other commercial projects on the land.PES shut its 335,000-barrel-per-day refinery in South Philadelphia, the largest and oldest on the East Coast, and filed for Chapter 11 bankruptcy after a fire destroyed a section of the plant over the summer.
In the meantime, Hilco said its project would create several thousand full-time and temporary jobs, including construction work. Under the bankruptcy plan, $5 million will be entered into a severance pool for laid-off members of the United Steelworkers local union and $20 million will go to unsecured creditors that agree to drop any claims against PES.
More than a dozen parties showed initial interest in buying the refinery, located less than 3 miles from downtown Philadelphia along the Schuylkill River. Only one group, led by former PES Chief Executive Officer Phil Rinaldi, publicly said it wanted to restart the oil refinery.
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