February 12, 2020 / 10:59 PM / 7 days ago

U.S. judge says prepared to approve Philadelphia refiner's bankruptcy plan

NEW YORK, Feb 12 (Reuters) - A federal judge on Wednesday said he was prepared to approve Philadelphia Energy Solutions’ bankruptcy plan, including a $252 million sale of the oldest and largest East Coast oil refinery to Chicago-based Hilco Redevelopment Partners.

The plan, scheduled to be confirmed on Thursday in United States Bankruptcy Court for the District of Delaware, includes $20 million for unsecured creditors and $5 million in a severance pool for laid off union workers. (Reporting by Laila Kearney; Editing by Cynthia Osterman)

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