PHILADELPHIA (KYW Newsradio) — A buyer has been publicly identified for the fire-damaged Philadelphia Energy Solutions refinery in South Philadelphia.
Sources have confirmed that SG Preston of Philadelphia is “very serious’ about buying the soon-to-be shuttered refinery.
SG Preston is a biofuels and jet fuel company, which repurposes used cooking oil and other products.
According to sources, at least two other companies are in the process of putting together proposals to buy PES.
On Wednesday, a bankruptcy hearing was held to determine the next steps for PES. Bankruptcy court is nothing new for PES.
It was reorganized under Chapter 11 bankruptcy rules in 2012 and 2018. But both times the plant was still in full operation.
This time, the plant will be shut down, which could be the first time in its 153 year history.
Sources say Wednesday was also the first day that the “data room” at PES was open.
The room contains all the accounts and business records which could be useful to a new owner.
It could also provide information which might discourage a potential buyer from continuing with a sale.