Deal approved to cap bankrupt Philly refiner’s biofuels obligations

Source: By Laila Kearney, Reuters • Posted: Wednesday, June 3, 2020

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)