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» READ MORE: Explosion-damaged South Philadelphia refinery files for bankruptcy, again. “Key employee retention bonuses are not that uncommon in bankruptcy, but it is uncommon to pay them before bankruptcy knowing that you’re going to go into bankruptcy," Lipson said. Philadelphia Energy Solutions Refining And Marketing LLC is a Delaware Limited-Liability Company (Llc) filed on July 2, 2012. “He understands what we’re coming from and what we’re going to bring to the table,” she said. These activities include normal operation of all groundwater recovery as well as sewer ventilation and biofiltration remediation systems installed at the Facility. The complex, which is actually two historically separate refineries that were merged under the common ownership of Sunoco Inc., has struggled financially for a decade. Hilco Redevelopment Partners bid $240 million last Friday to become the new owner of the 1,300-acre site, according to documents filed in U.S. Bankruptcy Court in Delaware on Wednesday. For him, news that the site may no longer be a refinery means being able to walk down the street without worrying about getting sick or dying because of an explosion. Recent projects include the redevelopment of a 3,200-acre site owned by a former steel mill in Baltimore into a major port and logistics center.
The buyer has not revealed its plans publicly. Former refinery chief launches campaign to restart bankrupt Philadelphia fuel complex, Philly refinery closure: Why gas pump isn’t where you should look for the impact, Philly refinery sets up $2.8 million fund for laid-off workers; to retain 83 as ‘caretakers’. Brian Abernathy, the city’s managing director and co-chair of its Refinery Advisory Group, said Hilco’s plans do not include refining, which has gone on at the site for over 150 years.
In a statement, Mayor Jim Kenney said, “Though many challenges and years of work lie ahead, we are optimistic that the firm can develop this site in a way that supports the core values in the city’s recent report summarizing the work of the Refinery Advisory Group: a diverse range of uses on the site that put the public’s safety as a top priority, has a more positive impact on the environment, engages meaningfully with the surrounding communities and contributes significantly to the region’s economy.”.
Retention bonuses are sometimes awarded to incentivize employees to remain at a troubled company during bankruptcy proceedings, when it is difficult to recruit new talent to work at a company that may be sold, or closed. A hearing is set for Feb. 6. (AP Photo/Matt Rourke, File) ASSOCIATED PRESS. File photo shows former Sunoco oil refinery now owned by Philadelphia Energy Solutions along the Schuylkill River, in South Philadelphia.
Some energy infrastructure and the tank farm may remain, he said. Having no refinery will also mean a great loss for building trades in the city, he said. The company's File Number is listed as 5178182. Contact Nick Snow at nicks@endeavorb2b.com. Chief executive officer Mark Smith received a $1.545 million retention bonus, according to the filing. We have a poverty rate of 26% already.”. Philadelphia Energy Solutions paid out about $4.6 million in retention bonuses to eight key executives after a devastating June fire closed the giant Schuylkill River refinery complex, but before the company declared bankruptcy, court records show. My grandfather worked at the refinery, he retired from the refinery and he passed away from lung cancer.”. Changes to the federal bankruptcy code in 2005 encourage companies to submit key employee retention plans to the court for approval, and to tie bonuses to performances that can be demonstrated when the company emerges from bankruptcy.
The 1,300-acre site was sold on Friday to a Chicago developer that plans to dismantle the refinery and to rebuild the site as commercial hub. Rodney Everett has been living next to the refinery for most of his 61 years. In addition, Mark Brandon, vice president of strategy and development, received a $250,000 retention bonus, Stephanie Eggert, vice president of business planning, got $150,000, and Bradley Galante, vice president of supply and trading, received $150,000. Failure to comply with any of the terms will result in a penalty of $500 a day for each violation. In a memo sent Tuesday to current PES employees that was obtained by the Philadelphia Inquirer, Smith said that the company “will continue to maintain the refinery complex, remove the hydrocarbon inventory in the facility, protect the facility and prepare for a safe handoff of the facility to HRP Philadelphia Holdings LLC, which is expected to occur within 60-90 days.”. U.S. Bankruptcy Judge Kevin Gross, who is supervising the refinery’s bankruptcy, is also overseeing the restructuring of Hahnemann University Hospital, which announced its closure the same day as the refinery. The group’s organizer, Alexa Ross, said it is cautiously optimistic about seeing what Hilco’s plans actually are and how they will relate to the community.
The payments were disclosed in financial documents filed Friday with the court. “To no longer have a refinery at the PES site would be a turning point for communicating to South and Southwest Philly that your lives matter and your lives are valuable.”. Several federal agencies are investigating the cause of the fire, which slightly injured five refinery workers, none requiring hospitalization. Philadelphia Energy Solutions paid out about $4.6 million in retention bonuses to eight key executives after a devastating June fire closed the giant Schuylkill River refinery complex, but before the company declared bankruptcy, court records show. Though it urges cleaner use of the site long term, the Refinery Advisory Group’s report says the city has limited control over the fate of the complex. Rodney Ray, who grew up two blocks from the refinery and now lives a mile away, also cheered the news. Hilco Global is comprised of over 20 operating units, one of them Hilco Redevelopment Partners. It expects to establish an orderly process for the evaluation of a range of potentially value-maximizing transactions in the weeks ahead and to work expediently with its insurers, stakeholders, and third parties toward the goal of reaching a consensual plan, rebuilding the damaged infrastructure, and resuming operations. General counsel John McShane received $875,500, chief financial officer Rachel Celiberti got $721,000, and deputy general counsel Anthony Lagreca received $450,000.
“We wanted something safer, more environmentally friendly and conscious of the public health. Philadelphia Energy Solutions Refining and Marketing LLC Overview.