Philadelphia Energy Solutions files for Chapter 11 bankruptcy

PES Holdings LLC filed for Chapter 11 bankruptcy on Sunday in accordance with court docket paperwork submitted to in U.S. Bankruptcy Court for the District of Delaware. The agency is trying for $100 million in new funding to assist present operations and reorganize the refinery sophisticated.

This is the company’s second bankruptcy declare in decrease than two years. PES filed voluntary Chapter 11 bankruptcy inside the District of Delaware on Jan. 21, 2018. PES belongings are between valued $1 billion and $10 billion, in accordance with court docket paperwork.

The fire began on June 21 at 4 a.m. when a butane tank exploded, destroying an alkylation unit that makes use of hydrofluoric acid to course of refined petroleum merchandise. The explosion despatched fireballs into the air that had been seen from miles away. It took two days for firefighters to totally extinguish the fireside on the refining sophisticated.

The Philadelphia Energy Solutions launched it was shutting down the refinery decrease than per week after the explosion. Refinery staff filed a lawsuit in opposition to the company after it was launched by e-mail that the company would lay off 1,000 employees with solely 5 days uncovered. The lawsuit argues that to regulate to the WARN act a corporation of 100 or further staff ought to give 60 days uncover when anticipating “massive” job loss.

Philadelphia Energy Solutions’ two adjoining refineries at Girard Point and Point Breeze refined 335,000 barrels of crude oil whereas operation, in accordance with the company’s website online.

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