NEW YORK (Reuters) – A federal judge on Wednesday said he was prepared to approve Philadelphia Energy Solutions’ bankruptcy plan which includes the sale of the largest East Coast oil refinery to a Chicago real estate developer for $252 million.
The refinery, which had capacity to process 335,000 barrels of crude oil per day into gasoline and other energy products, has been closed since June after a major fire. It would be permanently shuttered and redeveloped for warehouses under the bankruptcy plan.
