The Business Times
The Business Times
Subscribe
Share on FacebookShare on TwitterView more
The Business Times
Create a free account with Business Times for seamless access across SPH Media products.
REGISTER
LOGIN

Companies & Markets

SUBSCRIBERS

Philadelphia Energy Solutions to file for bankruptcy: memo

Following a deal with its creditors, it has secured access to US$260m in new financing

Published Mon, Jan 22, 2018 · 09:50 PM
Share this article.

New York

PHILADELPHIA Energy Solutions LLC, the owner of the largest US East Coast oil refining complex, announced to its employees on Sunday that it plans to file for Chapter 11 bankruptcy, according to an internal memo reviewed by Reuters.

The bankruptcy would come six years after private equity firm Carlyle Group LP and Energy Transfer Partners LP's Sunoco Inc rescued Philadelphia Energy Solutions from financial distress, in a deal that was supported by tax breaks and grants that saved thousands of jobs.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Energy & Commodities

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here