By Laila Kearney
By Laila Kearney
NEW YORK, Jan 21 (Reuters) – The bankrupt Philadelphia Vitality Options is anticipated to promote its fire-damaged refinery website to actual property developer Hilco Redevelopment Companions, three sources accustomed to the scenario stated on Tuesday.
The settlement between PES and Hilco, a Chicago-based developer that focuses on redeveloping industrial properties, is anticipated to be introduced as quickly as Tuesday. PES and Hilco didn’t reply to requests for remark. A metropolis official declined to remark.
Any sale must be authorized by the US Chapter Courtroom for the District of Delaware.
A sale to Hilcowould cut back the chance that the more-than 1,300-acre (526-hectare) Philadelphia website can be resurrected as an oil refinery.
Hilco, which has $2.5 billion of belongings beneath administration and has acquired 5,000 acres in North America, focuses on redeveloping out of date industrial websites, in accordance its…