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PES Holdings, LLC

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1:19-bk-11626

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September 13, 2019
Bankrupt Philadelphia Refinery Gets $50M Insurance Advance

The bankrupt owner of a Philadelphia-area refinery told the Delaware bankruptcy court Thursday that a group of insurers are set to make a $50 million advance in business interruption insurance funds in its Chapter 11 following a June blaze that forced the plant's closure.
September 09, 2019
Philly Refinery Execs Got $4.5M In Bonuses Before Ch. 11

PES Holdings LLC's now-shuttered, fire-damaged refining businesses paid out nearly $4.5 million in retention bonuses to eight top executives just weeks before retreating into Chapter 11 in Delaware, court documents filed late Friday show.
August 21, 2019
Fast Hearing Set On $1.3B Philly Refinery Insurance Suit

Make-or-break courtroom arguments over rights to $1.25 billion in business interruption insurance held by the bankrupt owners of a fire-crippled Philadelphia-area refinery could take place as early as November, a PES Holdings LLC attorney told a Delaware bankruptcy judge on Wednesday.
August 16, 2019
US Trustee Claims Kirkland Conflicts In Philly Refinery Ch. 11

The Office of the U.S. Trustee objected Friday to retroactive retention of Kirkland & Ellis LLP as counsel for bankrupt Philadelphia refinery PES Holdings LLC, arguing in a Delaware Bankruptcy Court filing that Kirkland's representation of major PES equity holders and creditors creates disqualifying conflicts.
August 08, 2019
$1.3B Insurance Fight Brewing In Philadelphia Refinery Ch. 11

The owner of a Philadelphia oil refinery filed a suit in Delaware bankruptcy court Wednesday asking the court to declare who has priority rights to $1.25 billion in insurance proceeds to cover business interruption costs following the massive explosion and fire at the refinery's Girard Point facility in June that led to its second Chapter 11.
July 26, 2019
Workers At Burned Refinery Sue For Back Pay, Benefits

Workers laid off with little notice and no severance pay shortly after their Philadelphia oil refinery burst into flames filed a proposed class action against their former employer on Friday in Delaware bankruptcy court, seeking back pay and benefits.
July 23, 2019
Fire-Ravaged Refinery Can Tap $100M Loan In Ch. 11 Case

The owner of a Philadelphia oil refinery received permission Tuesday from a Delaware bankruptcy judge to tap into a portion of a $100 million Chapter 11 loan as it pursues a value-maximizing transaction for the facility that suffered a massive explosion and fire last month.

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