A sale of the Philadelphia Energy Solutions oil refinery site to real estate developer Hilco is expected to close next week for $27.5 million less than planned, the bankrupt refiner said in a court filing, Reuters reported. Hilco Redevelopment Partners won an auction in January to buy the 1,300-acre (526-hectare) south Philadelphia refinery with plans to transform it into a mixed-use industrial park. It agreed to pay $252 million for the site. The Chicago-based developers, citing economic uncertainty caused by the coronavirus pandemic and higher-than-expected environmental costs tied to cleaning up PES land, asked to amend the agreement and delay the sale earlier this month, the filing said. PES agreed to lower the price contingent partly on Hilco finalizing the deal by June 26. The U.S. Bankruptcy Court for the District of Delaware must sign off on the amended sale agreement.
