Before the Delaware bankruptcy court could approve the sale to Hilco, a losing bidder, Industrial Realty Group, teamed with PES’ former CEO to Local union leaders allied themselves with the effort and sent representatives to meet with Peter Navarro, President Trump’s assistant for trade and manufacturing policy, hoping to recruit the White House to pressure the bankruptcy court to deny the Hilco deal. 7th largest workforce of 3.4 million, including highly-skilled talent in key industries: life sciences, energy and manufacturing, technology, financial services, and more Select Greater Philadelphia (Select) is the business attraction organization for northern Delaware, southern New Jersey, and southeastern Pennsylvania. The Company owns and operates crude oil refineries in the Philadelphia, PA area. “Those economics would still be challenging even with a new buyer.”Mr. Company size 501-1000 employees. Solarize Philly is part of the Philadelphia Energy Authority’s $1 billion Philadelphia Energy Campaign, a sustainable energy initiative announced by Council President Clarke in 2016 to reduce energy costs and create 10,000 energy sector jobs over 10 years. The refinery had emerged from bankruptcy just a year before, in 2018, and appeared headed toward insolvency once again. Contaminants are being cleaned up by a contractor for Sunoco, an oil company that owned the site until 2012, overseen by state and federal environmental regulators.Potential buyers may consider the site’s vulnerability to a possible rise in the sea level, given that it is bordered by a tidal section of the Schuylkill. In its latest filing in July, the company blamed its woes on damage caused by the explosion.The plant’s ability to survive was also called into question in September by Refineries, especially those on the East Coast, are expected to respond to the projections by cutting production by two-thirds by 2050, IHS said in the report, which examined the future of the refinery for the City of Philadelphia.Still, a refinery could be reopened on the site, IHS said, or the plant could be overhauled to make biofuels, renewable energy, petrochemicals or heavy manufacturing. Yet Hilco can't get paid for it. That site has been successfully redeveloped as a mixed-use business hub and now has about 170 tenants from different industries and institutions, occupying around 7.5 million square feet of new or refurbished space.Not everyone agrees on the site’s reuse possibilities. “The kind of mix that tries to lower the profile of fossil fuel activity is, I think, the most likely outcome.”Shuttered Philadelphia Refinery May Get New Life After FireThe South Philadelphia Refinery was shut down in June after an explosion.The refinery is bordered by a tidal section of the Schuylkill.The proximity of the refinery to the center of Philadelphia is an attractive feature for buyers. But in late November, it issued a 45-page report that concluded any future use should protect public health, be economically beneficial and establish “openness, transparency and trust” with local residents.The city is aiming to cut carbon emissions by 80 percent by 2050, and it would like to see renewable energy production on the site, said the city’s managing director, Brian Abernathy.
In November, Judge Kevin Gross set an auction date of Jan. 17 for bids by 15 parties, most of them unidentified, that have expressed an interest in the company’s assets.The company said in court documents that the sale of some or all of its assets would be the “best alternative” for all stakeholders, but it has also proposed a debt-for-equity swap as an option.But the court, which has scheduled a bankruptcy confirmation hearing for Feb. 6 and 7, might decide that the sale of the site, rather than the business on it, would be the best way to pay creditors, said Bruce Grohsgal, a professor of bankruptcy law at Widener University’s Delaware Law School.Although such a ruling is rare, “this might be an example of where that’s the case because the going concern of a refinery has been lost from the fire, and the real estate might very well be worth more than the enterprise,” he said.One possible buyer that has announced its interest is Philadelphia Energy Industries, a new company set up by Philip Rinaldi, a former chief executive of Philadelphia Energy Solutions.