January 21, 2018 / 11:56 PM / 8 months ago

EXCLUSIVE-Philadelphia Energy Solutions to file for bankruptcy -memo

Jan 21 (Reuters) - Philadelphia Energy Solutions LLC, the owner of the largest U.S. East Coast oil refining complex, announced to its employees on Sunday that it plans to file for Chapter 11 bankruptcy, according to an internal memo reviewed by Reuters.

The company has secured access to $260 million in new financing, and said it expected the filing to have no immediate impact on its employees, according to the memo, which was confirmed by a spokeswoman for Philadelphia Energy Solutions. The spokeswoman declined to comment further. (Reporting by Jessica DiNapoli and Jarrett Renshaw in New York; Editing by Paul Simao)

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