A hearing to finalize Philadelphia Energy Solution’s bankruptcy plan and consummate a sale of the company’s refinery to a real estate developer was pushed back on Tuesday along with a deadline for objections to the deal, according to federal court filings, Reuters reported. The plan is now scheduled to go before the U.S. Bankruptcy Court for the District of Delaware to be finalized on Feb. 12 instead of Thursday. The deadline for objections was extended two days to Wednesday. No official reason was given for the rescheduling and PES did not immediately respond to requests for comment. PES last month entered into an agreement to sell its refinery, the largest and oldest on the East Coast, to Chicago-based Hilco Redevelopment Partners, which is expected to use the site largely for warehousing. Los Angeles developer, Industrial Realty Group, was selected as a backup buyer. Several groups, including the union that provided hundreds of workers to the plant, have objected to the bankruptcy plan, citing lacking information about how PES would settle all of its debts. The U.S. Trustee has also objected saying in a filing PES cannot release itself from its more than $1 billion in debts and other obligations under the plan because it will be liquidating its assets instead of restructuring or selling its business.
