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Philadelphia Energy Solutions seeking federal bankruptcy protection
Oil & Gas Journal: PES Energy Inc. and its subsidiaries—including its principal operating subsidiary Philadelphia Energy Solutions Refining & Marketing LLC—have filed for Chapter 11 federal bankruptcy protection. PES also reported that it has entered into a proposed debtor-in-possession financing agreement for up to $100 million of new funding with holders of its outstanding term loan debt.
Different agencies began formal investigations on June 24 into the cause of an explosion and fire that broke out early on June 21 at the company’s combined 335,000-b/d refining complex in Philadelphia.
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