East coast refiner goes bankrupt
WebPhiladelphia Energy Solutions said it went bankrupt because of "skyrocketing costs" to comply with the EPA's Renewable Fuel Standard. The rule, aimed at lowering pollution, requires refiners to either blend oil with renewable fuels or buy credits. The company has received a $260 million lifeline from lenders and investors. Existing shareholders led by … WebMar 13, 2024 · Gasoline futures sank Tuesday on the back of a deal to ease a bankrupt refiner’s obligation to buy credits to comply with environmental regulation.
East coast refiner goes bankrupt
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WebJan 22, 2024 · The largest oil refinery along the U.S. East Coast filed for bankruptcy protection on Sunday, blaming its downfall on “broken” environmental rules. WebSep 9, 2024 · Executives of the Philadelphia Energy Solutions oil refinery were paid roughly $4.5 million in retention bonuses after a summer fire that led to the plant's closure and before the company filed ...
WebJul 14, 2024 · The refinery sought bankruptcy “due to severe regulatory and financial constraints” that forced it to suspend its refinery operations indefinitely, and has lined up as much as $25 million of so-called debtor-in-possession financing that will help it maintain the refinery through the Chapter 11 process, according to the statement. WebJan 22, 2024 · The owner of the largest East Coast oil-refining complex is filing for bankruptcy and blaming an Environmental Protection Agency (EPA) biofuel mandate. …
WebJan 22, 2024 · After nearly 150 years in business, the biggest oil refinery east of the Mississippi River has operated through the Great Depression, two world wars and the 1970s Saudi oil embargo. It’s faced more than one shutdown. Now, its owner says a 13-year-old government biofuels mandate brought the Philadelphia fixture to its knees. WebFeb 12, 2024 · PES, which exited bankruptcy in August, saw its cash balance fall to $87.7 million at the end of 2024, down from $148 million just three months earlier, a $61 million …
WebJul 23, 2024 · The company operating the facility, Philadelphia Energy Solutions, filed for Chapter 11 bankruptcy. It's the second time the company has filed such paperwork in …
WebJan 22, 2024 · The largest oil refinery along the U.S. East Coast filed for bankruptcy protection on Sunday, blaming its downfall on "broken" fishclub genevaWebJan 23, 2024 · The biggest refiner on the East Coast, with liabilities of about $10 billion, just filed for bankrupting, citing costly Bush-era EPA regulations and dwindling margins. Is this the first in a string of refiners that will be unable to make it in the new renewable world? What does this mean for the ... fish clubbingWebJan 22, 2024 · The largest oil refinery along the U.S. East Coast filed for bankruptcy protection on Sunday, blaming its downfall on “broken” environmental rules. Philadelphia … fishclub nftWebPhiladelphia Energy Solutions (PES) - to seek bankruptcy protection. We share in the concern that a ... evident, however, that the Laurel project is not contributing to financial problems at PES and poses no threat to East Coast refiners’ long-term viability. See Jarrett Renshaw, Refiner ... Refiner goes belly-up after big payouts to Carlyle ... fish club near meWeb1 day ago · East Coast Storage Equipment Co., Inc, a trusted supplier of used and new material handling and storage equipment, opens a new storage facility in Emory, TX—just an hour outside the Dallas ... fish club two moorsWebLargest East Coast oil refinery goes bankrupt, blaming 'broken' EPA rules Philadelphia Energy, which agreed to a chapter 11 plan with its top lenders, hopes to gain judicial … can a chiropractor bill for dmeWebJan 22, 2024 · The largest oil refinery along the U.S. East Coast filed for bankruptcy protection on Sunday, blaming its downfall on "broken" environmental rules. can a chiropractic adjustment make you tired