bankruptcy News

City and Union Officials to Consult on Philadelphia Refinery Sale Process

A U.S. bankruptcy judge on Thursday approved a process for the sale of the Philadelphia Energy Solutions oil refinery, the largest and oldest on the East Coast, under which city officials and a trade union will consult on the matter. …

PG&E California Wildfire Victims Sue to Get Paid Before Fire Insurers

PG&E Corp. wildfire victims have filed a new lawsuit arguing they must be fully repaid for the losses of their homes and businesses before fire insurers are as part of the utility’s bankruptcy. The case takes aim at an $11 …

PG&E Open to Extending California Wildfire Victim Claims Deadline

PG&E Corp. told a judge it’s willing to extend the deadline for victims of wildfires caused by the utility’s equipment to file claims in its bankruptcy. U.S. District Judge James Donato criticized the company at a hearing last week, saying …

This Wildfire Metric Threatens to Upend PG&E’s Restructuring Plan

PG&E Corp. investors looking to learn their fate may not get the answer from the bankrupt power company. Instead, the key data point could pop up within days on the website of California’s forestry service. That’s where firefighters are tracking …

PG&E Noteholders, California Wildfire Victims File Formal Reorganization Plan

Noteholders of PG&E Corp. and a committee for victims of the wildfires that pushed the power producer into bankruptcy filed a formal reorganization plan on Thursday for the company, proposing they get effectively all of its new shares. The plan, …

Safety Board Report Says Ruptured Pipe Elbow Led to Philadelphia Refinery Fire

A ruptured section of metal piping installed more than 40 years ago led to an uncontrolled release of hazardous materials at the Philadelphia Energy Solutions Refining and Marketing Refinery (PES) in Philadelphia, Penn., on June 21, causing a fire and …

Court Says PG&E Has Sole Right to Submit Bankruptcy Plan

A federal judge has allowed PG&E Corp. to retain the sole rights to propose a plan to exit bankruptcy, as he rejected efforts by investors to put forward competing plans, according to court documents. Judge Dennis Montali of the U.S. …

PES Up Against the Clock to Sell Philadelphia Refinery in Cash Crunch

Finding a buyer for Philadelphia Energy Solutions’ oil refinery has grown urgent as the bankrupt company’s funds dwindle and no signs emerge that it is winning a fight for insurance payouts after a June blaze at the plant, according to …

Bank Drops Objection to Financing Request by Bankrupt Philadelphia Energy Solutions

A bank dropped its objection on Tuesday to Philadelphia Energy Solutions Inc’s initial bankruptcy requests after the two sides struck an agreement over the terms of new financing. PES filed for Chapter 11 bankruptcy protection on Sunday after a fire …

Fire Forces Philadelphia Energy Solutions to File for Bankruptcy Again

Philadelphia Energy Solutions (PES) filed for its second Chapter 11 bankruptcy in less than two years on Sunday, a court filing showed, a month after a fire and explosion led to the permanent shutdown of the biggest oil refinery on …