June 3, 2020 / 3:59 PM / a month ago

Deal approved to cap bankrupt Philly refiner's biofuels obligations

NEW YORK, June 3 (Reuters) - A federal judge on Wednesday signed off on a deal between the U.S. Environmental Protection Agency and bankrupt Philadelphia Energy Solutions that caps the refiner’s biofuels blending obligations at $10 million.

The agreement, approved in the United States Bankruptcy Court for the District of Delaware, cuts the Philadelphia refiner’s regulatory liability by more than 70% with the aim of freeing up cash for the company to pay off creditors. ( Reporting by Laila Kearney Editing by Chizu Nomiyama)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below