PES Holdings receives shorter-than-requested exclusivity extension

By Caroline Salls

Pittsburgh, Dec. 10 – PES Holdings, LLC received an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The company’s exclusive plan-filing period and solicitation periods were both extended through April 15.

In the motion filed in November, PES asked the court to extend the filing period by 180 days through May 18 and the solicitation period through July 16, 2020.

As previously reported, PES filed a Chapter 11 plan on Oct. 10.

However, given the complexity of and time required to negotiate key case matters, the company said it needs more time to further negotiate and prosecute the plan and related disclosure statement.

During the exclusive periods, PES said it will continue to hold discussions with its debtor-in-possession financing lenders and other constituents in efforts to reach a global resolution among all parties and to maximize the value of its estates.

PES subsidiary Philadelphia Energy Solutions is a Philadelphia-based owner and operator of the Philadelphia refinery complex. The company filed bankruptcy on July 21 under Chapter 11 case number 19-11626.

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