Philadelphia Energy Solutions to file for bankruptcy: memo
Following a deal with its creditors, it has secured access to US$260m in new financing
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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.
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