November 14, 2019 / 11:43 PM / a month ago

Bankrupt oil refiner PES locks up $100 mln loan, bidding procedures

PES Holdings LLC, which owns the largest oil refinery on the East Coast, won court approval on Thursday for $100 million in financing to support itself in bankruptcy and for its proposed procedures to sell itself.

U.S. Bankruptcy Judge Kevin Gross in Delaware approved the financing in an order after PES’s investment bank PJT Partners LP in a filing earlier on Thursday said that while the company has about $96.2 million in cash it could not find urgently needed financing other than the $100 million debtor-in-possession facility offered by its term lenders through Cortland Capital Market Services.

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