By Laila Kearney
NEW YORK, Feb 12 (Reuters) – A federal choose on Wednesday mentioned he was ready to approve Philadelphia Vitality Options’ chapter plan, together with a $252 million sale of the oldest and largest East Coast oil refinery to Chicago-based Hilco Redevelopment Companions.
Delaware chapter Decide Kevin Gross delayed his affirmation till Thursday to permit himself and stakeholders extra time to evaluate the plan however mentioned in a listening to on Wednesday that he was prone to affirm it.
As a part of the settlement, Hilco Redevelopment Companions will purchase the greater than 1,300-acre refinery website for $252 million, up $12 million from the quantity initially agreed upon, and develop it largely for warehousing.
The plan features a $20 million settlement for unsecured collectors and one other $5 million in a severance pool for laid-off unionized refinery employees.
PES collapsed into chapter 11 on July 21, shortly after a fireplace and explosions tore…