Philly refiner's bankruptcy plan, sale to real estate developer approved
NEW YORK, Feb 13 (Reuters) - The Philadelphia Energy Solutions oil refinery site will be sold for $252 million and redeveloped under a plan approved in bankruptcy court on Thursday, ending months of uncertainty over whether the idled plant would be restarted.
Hilco Redevelopment Partners, which will become the new owner of the roughly 1,300-acre (526-hectare) PES refinery site as part of the plan, is expected to begin demolition work before building warehousing and other commercial projects on the land.
PES shut its 335,000-barrel-per-day refinery in South Philadelphia, the largest and oldest on the East Coast, and filed for Chapter 11 bankruptcy after a fire destroyed a section of the plant over the summer.
(Reporting by Laila Kearney; Editing by Sandra Maler)
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