March 23, 2018 / 9:51 PM / 4 months ago

Refiner says it will 'thrive' if plan to exit bankruptcy confirmed

A recent settlement with the Environmental Protection Agency will help leave Philadelphia Energy Solutions with about $450 million in net debt and $300 million in cash if its plan to emerge from bankruptcy is confirmed, the refiner said on Friday.

By contrast, the refiner, which is backed by the Carlyle Group, had $600 million in debt and $43 million in cash when it filed for Chapter 11 bankruptcy protection in January.

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