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U.S. judge likely to approve Philadelphia refiner’s bankruptcy plan

February 13, 2020

Via: Reuters

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.

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