March 22, 2018 / 12:58 AM / 5 months ago

U.S. calls for new terms in refiner's plan for bankruptcy exit

The U.S. government has come out against Philadelphia Energy Solutions’ plan for exiting bankruptcy, arguing the proposal is advancing too fast and federal agencies need more time to evaluate potential claims against the operator of the largest refinery on the East Coast.

The government in court papers filed on Tuesday also said Philadelphia Energy Solutions (PES) may not use its Chapter 11 plan to assume or reject federal contracts.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2pvlmc9

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