The judge, sitting in
The refinery, whose bankruptcy is filed under the corporate name
The bonuses, which are sometimes awarded by companies undergoing bankruptcy reorganization to retain key employees who might otherwise be tempted to depart, raised protests among some parties that are getting the short end of the refinery’s closure.
The committee of unsecured creditors objected, saying there was “no legitimate basis” for shielding all the information from the public. But it withdrew the objection a day later.
The bonuses “have understandably produced considerable employee and community uproar,” the steelworkers said, citing media reports.
The judge said the refinery had established “just cause” for its request and granted the order. A hearing scheduled for Friday was cancelled.
The order was granted on the same day that the
The awarding of retention bonuses is a sideshow to the larger decision facing the court over the best path forward for the PES complex, the largest refinery on the
PES is shopping the 1,300-acre refinery to potential buyers, but reserves the right to reject a sale and transfer the company’s ownership to the creditors if it receives no suitable offers.
Two potential bidders have publicly declared an interest in the property, include a group led by former Chief Executive Officer
Several other energy logistics companies have proposed turning the site into a fuel terminal, but it’s unclear if those plans include fuel production. Some real estate developers have also expressed interest in building warehouse or distribution centers that would tie into the site’s proximity to sea, rail, highway and airport access.
(c)2019 The Philadelphia Inquirer
Visit The Philadelphia Inquirer at www.inquirer.com
Distributed by Tribune Content Agency, LLC.