PES Holdings (2019)

The firm was co-counsel to PES Holdings LLC and related affiliates in their chapter 11 cases pending in the United States Bankruptcy Court for the District of Delaware. Headquartered in Philadelphia, PES owns and operates the largest oil refining complex on the U.S. Eastern seaboard. The refining complex, which spans 1,300 acres and has capacity to refine 335,000 barrels of crude oil per day, has been in continuous operation since the 1860s. The company completed a successful prepackaged plan and restructuring completed in August 2018. Following a June 2019 explosion at one of their refining facilities, the company filed for chapter 11 again in July 2019 to engage their stakeholders, insurers, and third parties around a value-maximizing plan transaction and to preserve and restore the operations of their refinery and maximize the value of their assets.