Exclusive: Philadelphia Refinery Expected to Be Sold to Real Estate Developer – Sources

BioRefineries/Renewable Fuel Production, Business News/Analysis, Funding/Financing/Investing, Pennsylvania

January 22, 2020

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by Laila Kearney (Reuters) The bankrupt Philadelphia Energy Solutions is expected to sell its fire-damaged refinery site to real estate developer Hilco Redevelopment Partners, three sources familiar with the situation said on Tuesday. … Hilco, which has $2.5 billion of assets under management and has acquired 5,000 acres in North America, specializes in redeveloping obsolete industrial sites, according its website.

However, it is possible that Hilco could lease the site to a refinery, biofuels or other heavy industrial operation, two sources said.

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There were more than a dozen initial bidders for the site. Only one of the groups, led by PES Chief Executive Officer Philip Rinaldi, had publicly stated intentions to revive the site as an oil refinery.

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PES’s unsecured creditors, which includes companies that had long supplied contract work to PES, as well as the unions, have pushed for a buyer that would restart the refinery, according to two sources familiar with the situation.

Community members have protested against a restart of the plant, which has been one of the city’s biggest polluters. READ MORE

Laid-off Philadelphia refinery workers struggle with shrinking sector (Reuters)

Now Trump administration would like to see bankrupt Philadelphia refinery kept open (Philadelphia Inquirer)

‘Their timeline is aggressive’: Hilco plans to clean up polluted South Philly refinery site, city says (Philadelphia Inquirer)

How to tear down an Oil Refinery in the middle of Philadelphia (Bloomberg)

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