A federal judge on Wednesday said he was prepared to approve Philadelphia Energy Solutions’ bankruptcy plan which includes the sale of the largest East Coast oil refinery to a Chicago real estate developer for $252 million.
The refinery, which had capacity to process 335,000 barrels of crude oil per day into gasoline and other energy products, has been closed since June after a major fire. It would be permanently shuttered and redeveloped for warehouses under the bankruptcy plan.
Delaware bankruptcy Judge Kevin Gross delayed his confirmation of the plan until Thursday to allow himself and stakeholders time to review the details. But Gross said in a hearing on Wednesday that he was likely to approve the proposal.