Business & Tech
Philadelphia Refinery Files For Bankruptcy After Explosion, Fire
About a month after Philadelphia Energy Solutions' refinery suffered a fire and explosion, the major oil producer is filing for bankruptcy.
PHILADELPHIA — After the Philadelphia Energy Solutions refinery exploded and caught fire about a month ago, the oil producer is headed for bankruptcy.
PES filed for Chapter 11 bankruptcy Sunday, July 21. The explosion and fire occurred June 21 at the South Philadelphia refinery.
The news comes weeks after the company said it planned to sell and restart the refinery, which is the oldest and largest on the east coast.
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Officials announced the sell and restart after a closure was reported.
CBS reports under financing in the new Chapter 11 filing — PES filed for bankruptcy in 2018 — PES would receive $100 million in new funding.
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About 1,000 people — hundreds being union workers — are slated to be laid off as the plant deal with the situation.
Investigators said the probe into what exactly caused the explosion could take months or even years.
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