Refinery Creditor Loses Appeal Of $1.3B Insurance Ruling

Regulation360 (January 4, 2021, 9:42 PM EST) — A Delaware federal choose on Monday upheld a ruling over enterprise interruption insurance coverage payouts within the Chapter 11 case of a Philadelphia refinery that suffered a catastrophic explosion, discovering that an intercreditor settlement clearly favored one lender over one other when doling out the proceeds of $1.three billion in insurance policies.

U.S. District Decide Richard G. Andrews agreed with the February 2020 resolution of now-retired U.S. Chapter Decide Kevin Gross, saying there are a number of explanation why working capital lender ICBC Commonplace Financial institution PLC is entitled to a primary precedence on the proceeds of enterprise interruption insurance coverage.

ICBC bought the uncooked supplies that have been…

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