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Federal bankruptcy court approves biofuel quota relief for PES
Oil & Gas Journal: A federal bankruptcy court in Delaware approved an agreement in which the US Department of Justice and Environmental Protection Agency relieved Philadelphia Energy Solutions Refining & Marketing LLC of some of its federal biofuel quota obligations from 2016 through this year’s first quarter to keep PES’s two refineries open and operating.
The Apr. 4 decision came more than 2 months after PES sought Chapter 11 bankruptcy protection to restructure debt and secure new capital (OGJ Online, Jan. 23, 2018). “In order to complete this process without delay, we will continue to work with the government to address the broken [Renewable Fuel Standard] system that is harming smaller, independent merchant refiners like PES,” PES Chief Executive Greg Gatta said at the time.
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