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It moved matters from uncertain and unpromising to a proposal they said maximizes the value to be distributed to creditors, secures operations at the refinery site, pursues the recovery of $1.2 billion in insurance claims, and contemplates the investment of millions in the site and the creation of thousands of new jobs through the sales of all its assets to Hilco.But because negotiations continued until the very last minute — the hearing was postponed twice during the day — most of the stakeholders, not even the judge, could read the amended plan before the hearing.“We have a mess this afternoon,” said David L. Buchbinder, the U.S. trustee who acts as a watchdog for the process. REUTERS/David M. Parrott/File Photo Michael Bryant / Staff Photographer The next seven days could determine the fate of the bankrupt Philadelphia Energy Solutions (PES) refinery complex, which shut down following a catastrophic June 21 fire and explosion. There were more than a dozen initial bidders for the site.

Hundreds of other workers belonging to unions that provided labor on a rotating basis to the refinery were also put out of work there.
“The world is moving towards a lower carbon future, a lower carbon energy system, where the transition from brown, polluting, fossil-fuel based energy systems, to green, non-polluting, clean, renewable energy systems.”Hughes, who chaired the committee on the environment for the city’s Refinery Advisory Group, applauded Mayor Jim Kenney for standing by the recommendations made by the advisory group of favoring a safer and cleaner use for the site.“When it really got hard last week, when objections were being raised, on several occasions the city stated and restated it’s position about reopening the refinery and was frankly not intimidated,” Hughes said.Philadelphia Energy Solutions, the largest and oldest oil refinery on the East Coast, announced it would shut down after a fire in June 2019.Pa. PES filed for bankruptcy in July, one month after an explosion and fire destroyed parts of the 1,300-acre refinery complex. During the three-hour hearing Wednesday, the company’s lawyers and other creditors urged Judge Gross to approve its fourth amended plan for reorganization, which resolved all but four of the 13 objections to the previous version of the plan filed last week.PES’ lawyers told Gross the plan achieved the “single most dramatic turnaround” from a dramatic situation. Hilco, which has $2.5 billion of assets under management and has acquired 5,000 acres in North America, specializes in redeveloping obsolete industrial sites, according its website. “And it does nothing for the poor in the city of Philadelphia and the surrounding communities because I don’t know how the area is going to make up $16 billion in economic activity.”Environmental leaders who have fought for a cleaner use of the site applauded the judge’s decision.“After over a century and a half of endangering the health of residents and the environment, this decision means a permanent end to the city’s largest industrial source of harmful air pollutants and climate pollution,” the Clean Air Council’s director, Joseph Otis Minott, said in a statement. The 335,000-barrel-per-day complex was the largest oil refinery on the East Coast, and the largest stationary source of air pollution in Philadelphia.Hilco offered $252 million for the complex, according to PES lawyers, representing the highest bid and the best opportunity for creditors to recover their claims.

PES’s unsecured creditors, which includes companies that had long supplied contract work to PES, as well as the unions, have pushed for a buyer that would restart the refinery, according to two sources familiar with the situation.

PES had struggled financially for years and had only exited a previous bankruptcy in 2018. Pete DeCarlo, an air-quality expert and former Drexel professor now with Johns Hopkins University, said the sale of the refinery will finally begin a long process of undoing 150 years of environmental damage caused in South Philadelphia by oil refining activities. “You know, I’ve been on the bench almost 14 years, this might be the most difficult confirmation I’ve had.”Ryan O’Callaghan, former president of United Steelworkers Local 10-1, said he was conflicted after the judge’s ruling, even though the settlement meant a direct benefit to the union’s members.“That $5 million is not equal to a job, is not equal to employment, is not equal to the brotherhood and the sisterhood that we had in the refinery, we were a family there, it doesn’t equal that,” O’Callaghan said.

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