Philadelphia, PA 19103 Reuters first reported in August that Philadelphia Energy Solutions had tapped investment bank PJT Partners Inc PJT.N for advice on dealing with its debt burden. A PES Energy spokeswoman said on Monday that about 150 people were let go after the fire, leaving the company with 950 workers. Part of the refiner’s financial troubles stem from a costly biofuels law called the Renewable Fuels Standard, which is administered by the Environmental Protection Agency and requires refiners to blend biofuels into the nation’s fuel supply every year, or buy credits from those who do. Philadelphia Energy Solutions will seek to restructure more than $100 million of its existing debt, and expects to complete the recapitalization process in the first quarter of 2018, according to the memo. Philadelphia Energy Solutions Refining and Marketing, LLC operates as a manufacturer and supplier of petroleum and petrochemical products. The latest filing follows a devastating fire and explosion that shut down the largest oil refinery on the US East Coast.
Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. The latest filing follows a … Philadelphia Energy Solutions owns two refineries, Girard Point and Point Breeze. PES Energy burned through almost half of its cash by the end of March 2019.
Before the fire, the company operated two refineries in the Philadelphia region that accounted for about 28% of the Northeast's gasoline supply. United States, Pipeline Mogul Follows Playbook, Stepping Down But Staying.
There are 2223 companies in the Philadelphia Energy Solutions LLC corporate family. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved.
See here for a complete list of exchanges and delays. The company took on a $550 million loan that comes due early in 2018 to finish capital projects and pay out dividends to Carlyle and Sunoco. But the boom turned to bust by the end of 2015 as oil prices plummeted and the discount for North Dakota crude disappeared.
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New York (CNN Business)Philadelphia Energy Solutions has filed for bankruptcy protection for the second time in a year and a half. East Coast refiners have lower profit margins than other refineries across the country, largely because of a reliance on crude imports from West Africa and other markets. Philadelphia Energy Solutions Refining and Marketing, LLC operates as a manufacturer and supplier of petroleum and petrochemical products.
In the bankruptcy filing, PES Energy listed liabilities of between $1 billion to $10 billion and up to 5,000 creditors, including railroad companies. Previously PES Energy originally said it would sell the refinery that was shut down by the fire and estimated that about 1,000 workers would lose their jobs.
CNN Business' Chris Isidore contributed to this report. The Philadelphia refinery is no stranger to bankruptcy court.
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