Bankrupt Phila. Refinery Owners Want Cheaper Sale – Why?

The sale of the bankrupt former Philadelphia Energy Solutions (PES) refinery has officially become a soap opera. Last June a series of explosions and a massive fire at the facility, the East Coast’s oldest and largest oil refinery, closed it down (see Massive Explosion, Fire at Philadelphia Refinery). In pretty short order PES, which was already struggling financially, filed for bankruptcy. In January PES cut a deal to sell the site to a warehouse developer from Chicago (see Philadelphia Energy Solutions Oil Refinery Permanently Closed). The deal means over 1,000 refinery workers are permanently out of work. Yet there was a higher bid from another party that wants to keep the facility operating as a refinery. So why is PES is pushing the sale to the Chicago developer at a lower price?

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