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HomeNewsDeal approved to cap bankrupt Philly refiner's biofuels obligations

Deal approved to cap bankrupt Philly refiner's biofuels obligations

6/3/2020 11:09:06 AM

1 MIN READ

A federal judge signed off on a deal between the U.S. Environmental Protection Agency and bankrupt Philadelphia Energy Solutions that caps the refiner’s biofuels blending obligations at $10 million.

The agreement, approved in the United States Bankruptcy Court for the District of Delaware, cuts the Philadelphia refiner’s regulatory liability by more than 70% with the aim of freeing up cash for the company to pay off creditors. ( Reporting by Laila Kearney Editing by Chizu Nomiyama)

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