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US’ Hilco Redevelopment Partners buys $240m refinery in Philadelphia

US’ Hilco Redevelopment Partners buys $240m refinery in Philadelphia

Mubasher: American real estate developer Hilco Redevelopment Partners has sealed a $240 million deal to buy the Philadelphia Energy Solutions oil refinery, which is the largest in the US East Coast, Reuters reported on Wednesday.

The Chicago-based developer submitted the winning bid and an escrow amount of $30 million.

The deal is pending the approval of the Bankruptcy Court, which will consider the sale plan on 6 February 2020. 

In July 2019, Philadelphia Energy Solutions filed for bankruptcy and offered its refinery for sale a month after an explosion that destroyed a part of it.

The company laid off 1,000 workers, including 640 local United Steelworkers members.