“The focus at the moment seems to be maintaining relationships with the critical business partners and vendors in the supply chain with whom, if they can’t keep positive relationships, they won’t be able to preserve the options of rebuilding and restarting,” Simeone said. “What it did do was reduce the cost of shipping oil from North Dakota to the Gulf Coast market and therefore it banged another nail in the coffin of the crude-by-rail economics,” Fielden said. Could this be the cure to our plastic problem? WHYY connects you to your community and the world by delivering reliable information and worthwhile entertainment. Five people suffered minor injuries in the incident. DIP lenders also received a portion of the reorganized equity at emergence on account of their financing commitment. Different companies have operated refineries there since 1866, with very little regulation until the 1970s. “To me,” Minott said, “the writing is on the wall: This is not an economically sustainable refinery, it needs to be closed down, it needs to be cleaned up, and the workers need to get government funding to transition to different jobs.”.

“The counsel for the company will lay out how we got to this filing and what are the next steps for the company.”. Philadelphia Energy Solutions refinery in South Philadelphia. “I’m in disbelief,” said Ryan O’Callaghan, a spokesman for United Steelworkers Local 10-1, which represents refinery workers. The financially troubled company announced it would shut its operations after a devastating fire and series of explosions last month at its South Philadelphia refinery. Matt Rourke / AP Bankrupt Philadelphia Energy Solutions is seeking a new round of bonuses that would pay seven top executives millions of dollars, depending upon the success of a plan to reorganize or sell the company. After the fire, analysts told StateImpact Pennsylania that finding a willing buyer for the refinery was unlikely. The Chapter 11 filing states the company doesn’t have adequate funds to buy credits for this year. “The success of our plan is critical to energy supply and security for the region, the Commonwealth of Pennsylvania and the City of Philadelphia.” PES Energy’s legal adviser in connection with the restructuring is Kirkland & Ellis LLP. Business news and analysis sent straight to your inbox every Tuesday morning. Hilco Redevelopment Partners won an auction in January to buy the 1,300-acre (526-hectare) south Philadelphia refinery with plans to transform it into a mixed-use industrial park. Read their reports on this site, and hear them on public radio stations across Pennsylvania. After fire, Philadelphia refinery paid executives $4,591,500 in bonuses while hundreds were laid off, Bankrupt Philly refinery gets interest from 15 potential bidders; aims for a January auction, City of Philadelphia will get a seat at the table at auction for city’s bankrupt refinery, already paid $4.59 million in retention bonuses. More than 1,000 people will be out of work once Philadelphia Energy Solutions' refinery closes its doors this month. © 2020 The Philadelphia Inquirer, LLC Terms of Use/Privacy Policy. On Monday, it filed for Chapter 11 bankruptcy to restructure its debt. Guthrie to Trump: You're the President, you're not some crazy uncle! Simeone says the costs of the Renewable Fuel Standards, also known as RFS, is a piece in the larger puzzle. “It’s a mismanaged mess,” said a USW official. Flames and smoke emerge from the Philadelphia Energy Solutions Refining Complex in Philadelphia, Friday, June 21, 2019. Most stock quote data provided by BATS.

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Partner James I. McClammy advised on litigation issues. “It’s just another kick in the gut from this management team. Prior results do not guarantee a similar outcome. The 1,300-acre site was sold on Friday to a Chicago developer that plans to dismantle the refinery and to rebuild the site as commercial hub. Headquartered in Philadelphia, PA, PES operates the largest oil refining complex on the East Coast and is the tenth largest refiner in the United States.

A PES Energy spokeswoman said on Monday that about 150 people were let go after the fire, leaving the company with 950 workers. Refinery that exploded had a history of financial trouble. The company plans to sell the refinery complex, Smith added. The Philadelphia refinery is no stranger to bankruptcy court. Fielden said these new pipelines, like the controversial Dakota Access line, helped make the oil trains unprofitable. The company said the PES executives were underpaid compared with industry averages, and the bonuses would position them “more competitively with energy industry market practices.”. The bidding procedures approved by U.S. Bankruptcy Court Judge Kevin Gross call for final bids to be placed Jan. 10, followed by an auction Jan. 17 if there is competition to buy some or all of the property. In 2013/14 she spent a year at MIT as a Knight Science Journalism Fellow. Half of all Bakken Crude traveling across the country by rail ends up at the PES plant. The fire has made it "impossible" to continue operations, CEO Mark Smith said in a statement. Susan Phillips tells stories about the consequences of political decisions on people's every day lives. StateImpact Pennsylvania is a collaboration among WITF, WHYY, WPSU, and The Allegheny Front. “The Girard Point Incident has left the Debtors in a crippled state, and since the Girard Point Incident, the Refining Complex has entered an extreme preservation-focused operational mode of conduct, processing only approximately 145,000 barrels of crude oil per day, that the Debtors believe will ultimately lead to the preservation of value for all stakeholders, coupled with compliance with all applicable health, safety, and environmental obligations,” the document says. In the bankruptcy filing, PES Energy listed liabilities of between $1 billion to $10 billion and up to 5,000 creditors, including railroad companies. Philadelphia Energy Solutions is the largest oil refining complex on the Eastern seaboard. We are committed to an orderly process to safely wind down our operations.". Bankruptcy wasn't the original plan. It filed for bankruptcy in January 2018. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Bankrupt Philadelphia Energy Solutions is seeking a new round of bonuses that would pay seven top executives millions of dollars, depending upon the success of a plan to reorganize or sell the company. The pool would increase to $20 million if the bankruptcy yielded $1 billion in net proceeds. The project is funded by The William Penn Foundation. Philadelphia Energy Solutions is the largest oil refining complex on the Eastern seaboard. PES Holdings, LLC (d/b/a Philadelphia Energy Solutions) has, along with eight of its subsidiaries and affiliates, filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. "We are grateful that the fire resulted in only a few minor injuries. Alvarez & Marsal is serving as restructuring adviser, with PJT Partners as investment banker. "While it is too early to know how much prices could increase and for how long, motorists in the region will likely continue to see a fluctuation in pump prices -- especially leading up to the busy Fourth of July travel period," Moore said in a statement. She has also been a Metcalf Fellow, an MBL Logan Science Journalism Fellow and reported from Marrakech on the 2016 climate talks as an International Reporting Project Fellow. The crude oil refinery in South Philadelphia blames its financial problems on a George W. Bush-era renewable fuels program that increases the amount of biofuels, primarily ethanol, in gasoline. Philadelphia Energy Solutions has an office in Philadelphia. Before the fire, the company operated two refineries in the Philadelphia region that accounted for about 28% of the Northeast's gasoline supply. The PES executives were already paid $4.59 million in retention bonuses after a catastrophic June 21 fire that led to the plant’s closure and bankruptcy filing, which resulted in all but 175 of the refinery’s 1,100 employees losing their jobs. At least 1,000 workers will lose their jobs.

“The focus at the moment seems to be maintaining relationships with the critical business partners and vendors in the supply chain with whom, if they can’t keep positive relationships, they won’t be able to preserve the options of rebuilding and restarting,” Simeone said. “What it did do was reduce the cost of shipping oil from North Dakota to the Gulf Coast market and therefore it banged another nail in the coffin of the crude-by-rail economics,” Fielden said. Could this be the cure to our plastic problem? WHYY connects you to your community and the world by delivering reliable information and worthwhile entertainment. Five people suffered minor injuries in the incident. DIP lenders also received a portion of the reorganized equity at emergence on account of their financing commitment. Different companies have operated refineries there since 1866, with very little regulation until the 1970s. “To me,” Minott said, “the writing is on the wall: This is not an economically sustainable refinery, it needs to be closed down, it needs to be cleaned up, and the workers need to get government funding to transition to different jobs.”.

“The counsel for the company will lay out how we got to this filing and what are the next steps for the company.”. Philadelphia Energy Solutions refinery in South Philadelphia. “I’m in disbelief,” said Ryan O’Callaghan, a spokesman for United Steelworkers Local 10-1, which represents refinery workers. The financially troubled company announced it would shut its operations after a devastating fire and series of explosions last month at its South Philadelphia refinery. Matt Rourke / AP Bankrupt Philadelphia Energy Solutions is seeking a new round of bonuses that would pay seven top executives millions of dollars, depending upon the success of a plan to reorganize or sell the company. After the fire, analysts told StateImpact Pennsylania that finding a willing buyer for the refinery was unlikely. The Chapter 11 filing states the company doesn’t have adequate funds to buy credits for this year. “The success of our plan is critical to energy supply and security for the region, the Commonwealth of Pennsylvania and the City of Philadelphia.” PES Energy’s legal adviser in connection with the restructuring is Kirkland & Ellis LLP. Business news and analysis sent straight to your inbox every Tuesday morning. Hilco Redevelopment Partners won an auction in January to buy the 1,300-acre (526-hectare) south Philadelphia refinery with plans to transform it into a mixed-use industrial park. Read their reports on this site, and hear them on public radio stations across Pennsylvania. After fire, Philadelphia refinery paid executives $4,591,500 in bonuses while hundreds were laid off, Bankrupt Philly refinery gets interest from 15 potential bidders; aims for a January auction, City of Philadelphia will get a seat at the table at auction for city’s bankrupt refinery, already paid $4.59 million in retention bonuses. More than 1,000 people will be out of work once Philadelphia Energy Solutions' refinery closes its doors this month. © 2020 The Philadelphia Inquirer, LLC Terms of Use/Privacy Policy. On Monday, it filed for Chapter 11 bankruptcy to restructure its debt. Guthrie to Trump: You're the President, you're not some crazy uncle! Simeone says the costs of the Renewable Fuel Standards, also known as RFS, is a piece in the larger puzzle. “It’s a mismanaged mess,” said a USW official. Flames and smoke emerge from the Philadelphia Energy Solutions Refining Complex in Philadelphia, Friday, June 21, 2019. Most stock quote data provided by BATS.

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