Chicago-based real estate developer Hilco Redevelopment Partners is expected to pay US$240 million in its winning bid for the Philadelphia Energy Solutions refinery site, bankruptcy court documents showed on Wednesday.
FILE PHOTO: A boat passes beside the Philadelphia Energy Solutions plant refinery in Philadelphia, Pennsylvania, U.S., August 21, 2019. REUTERS/Mark Makela/File PhotoNEW YORK: Chicago-based real estate developer Hilco Redevelopment Partners is expected to pay US$240 million in its winning bid for the Philadelphia Energy Solutions refinery site, bankruptcy court documents showed on Wednesday.
Hilco, which has acquired 5,000 acres in North America, specializes in redeveloping obsolete industrial sites, dimming the prospect that the PES complex will be revived as an oil refinery. Philadelphia Mayor Jim Kenney said in a statement that while challenges and years of work lie ahead, the city is optimistic Hilco will develop the site in a way that is more environmentally friendly and contributes to the regional economy.
“We welcome the selection of Hilco Redevelopment Partners as the winning bidder for the refinery site," Kenney said.With PES's closure, more than 1,000 workers were laid off, including 640 local United Steelworkers members.