{"id":47370,"date":"2019-07-22T08:44:39","date_gmt":"2019-07-22T13:44:39","guid":{"rendered":"https:\/\/olduvai.ca\/?p=47370"},"modified":"2019-07-22T08:44:43","modified_gmt":"2019-07-22T13:44:43","slug":"philly-oil-refinery-files-for-2nd-bankruptcy-in-2-years-after-massive-fire","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=47370","title":{"rendered":"Philly Oil Refinery Files For 2nd Bankruptcy In 2 Years After Massive Fire"},"content":{"rendered":"\n

Philly Oil Refinery Files For 2nd Bankruptcy In 2 Years After Massive Fire<\/a><\/h3>\n\n\n\n

Following a massive fire<\/a> at a Philadelphia refinery that sent gas prices higher across the Northeast, Philadelphia Energy Solutions LLC has filed for bankruptcy protection as the fuel-making company grapples with the aftermath of a June explosion and fire at its oil refinery that forced it to shut operations.<\/strong><\/p>\n\n\n\n

\"Fire\"\/<\/figure>\n\n\n\n

Now, for the second time in two years, the company has filed a Chapter 11 petition at the US Bankruptcy Court for the District of Delaware, BBG<\/a> reports. It only just emerged from Chapter 11 in August 2018. But this time, its estimated liabilities are as high as $10 billion, according to the filings.<\/p>\n\n\n\n

Last month, a leak at an alkylation unit, which is used to make high-octane gasoline, triggered an explosion that started a massive fire at the refinery, which forced the halt of activity at the refinery’s Girard Point section.<\/strong> The Point Breeze section, which had been running at a reduced rate, has likely run out of crude.<\/p>\n\n\n\n

The East Coast\u2019s largest oil refiner said in June that it was dismissing more than 1,000 workers and shutting its plant<\/strong>, which could process 335,000 barrels of crude oil a day.<\/p>\n\n\n\n

The company had also been been putting the finishing touches on $150 million of DIP financing from owners and existing lenders, a person with knowledge of the matter said earlier this month.<\/p>\n\n\n\n

The loan will allow the refinery to shut down safely, while pursuing $1.25 billion of insurance claims, the individual said.<\/p>\n\n\n\n

Watch footage of the fire below:<\/p>\n\n\n\n