A federal judge yesterday said that 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, Reuters reported. 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. Bankruptcy Judge Kevin Gross delayed his confirmation of the plan until today to allow himself and stakeholders time to review the details. But Judge Gross said in a hearing yesterday that he was likely to approve the proposal. As part of the agreement, Chicago-based Hilco Redevelopment Partners will buy the more than 1,300-acre refinery site for $252 million, $12 million more than initially agreed upon.
