Judge’s swan song puts end to PES explosion insurance bounty squabble

The federal judge overseeing Philadelphia Energy Solutions’ bankruptcy proceedings on Friday resolved a fight between two sets of lenders over which of them has first dibs on the potential $1.25 billion in insurance proceeds for a June 2019 explosion and fire at its Girard Point refinery.

U.S. Bankruptcy Judge Kevin Gross found that ICBC Standard Bank and Cortland Capital Market Services each hold a perfected security interest in the proceeds of the policy, which includes $1 billion in property damage coverage and $250 million in business insurance (BI) coverage.

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