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Philly Oil Refinery Files For 2nd Bankruptcy In 2 Years After Massive Fire

Courtesy of ZeroHedge. View original post here.

Following a massive fire at a Philadelphia refinery that sent gas prices higher across the Northeast, Philadelphia Energy Solutions LLC has filed for bankruptcy protection as the fuel-making company grapples with the aftermath of a June explosion and fire at its oil refinery that forced it to shut operations.

 

Fire

 

Now, for the second time in two years, the company has filed a Chapter 11 petition at the US Bankruptcy Court for the District of Delaware, BBG reports. It only just emerged from Chapter 11 in August 2018. But this time, its estimated liabilities are as high as $10 billion, according to the filings.

Last month, a leak at an alkylation unit, which is used to make high-octane gasoline, triggered an explosion that started a massive fire at the refinery, which forced the halt of activity at the refinery's Girard Point section. The Point Breeze section, which had been running at a reduced rate, has likely run out of crude.

The East Coast’s largest oil refiner said in June that it was dismissing more than 1,000 workers and shutting its plant, which could process 335,000 barrels of crude oil a day.

The company had also been been putting the finishing touches on $150 million of DIP financing from owners and existing lenders, a person with knowledge of the matter said earlier this month.

The loan will allow the refinery to shut down safely, while pursuing $1.25 billion of insurance claims, the individual said.

A unit of Dallas-based Trinity Industries Inc. holds the largest unsecured claim, of almost $4.1 million, the court filings show. Other claims are held by CSX Transportation Inc. and BNSF Railway.

 


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