US East Coast refiner files for bankruptcy protection

Al Greenwood

22-Jan-2018

HOUSTON (ICIS)–Philadelphia Energy Solutions filed for bankruptcy protection under Chapter 11 late on Sunday.

The company owns a refinery in Philadelphia, Pennsylvania, that has a throughput capacity of 335,000 bbl/day. The complex also has a cumene capacity of 612,000 tonnes/year, according to ICIS.

The refiner’s initial bankruptcy filing did not explain why the company was seeking protection. However, media reports said the company attributed its bankruptcy to government mandates that required it to add ethanol to its gasoline.

Reuters reported that Philadelphia Energy Solutions does not have enough cash to comply with the mandate.

Philadelphia Energy Solutions estimated that the value of both its debts and assets are $1bn-10bn.

Philadelphia Energy Solutions is owned by a joint venture made up of The Carlyle Group and Energy Transfer Partners.

Philadelphia Energy Solutions filed for bankruptcy protection in US Bankrupty Court, Delaware District. The case number is 18-10130.

READ MORE

Global News + ICIS Chemical Business (ICB)

See the full picture, with unlimited access to ICIS chemicals news across all markets and regions, plus ICB, the industry-leading magazine for the chemicals industry.

Contact us

Now, more than ever, dynamic insights are key to navigating complex, volatile commodity markets. Access to expert insights on the latest industry developments and tracking market changes are vital in making sustainable business decisions.

Want to learn about how we can work together to bring you actionable insight and support your business decisions?

Need Help?

Need Help?