Photo: Getty Images

Hilco Redevelopment Partners will pay $240 million to buy Philadelphia Energy Solutions, a 5,000 acre oil refinery property in South Philadelphia, per bankruptcy court documents.

Why it matters: PES was the East Coast's oldest and largest oil refinery, before being partially destroyed by a fire and explosions last year. There had been hopes that this sale process would find a buyer interested in rebuilding and restarting the plant, which had employed around 1,000 people, but Hilco says it has no plans to do so.

  • This is the property you often see when flying into Philadelphia's airport.

The bottom line: PES once was an acclamatory story for The Carlyle Group, which in 2012 struck a deal with Sunoco to kept oil flowing and people employed (including hundreds of union steelworkers).

  • But a conflicted real estate arrangement with a Carlyle-backed rail terminal contributed to a 2018 bankruptcy, as did new renewable energy regulations, from which a bruised PES emerged before last summer's disaster led by yet another Chapter 11.

Update: Some PES creditors oppose the Hilco deal, per Reuters.

Go deeper: Climate change expected to drive private equity away from fossil fuels

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 6:30 a.m. ET: 30,199,007 — Total deaths: 946,490— Total recoveries: 20,544, 967Map
  2. U.S.: Total confirmed cases as of 6:30 a.m. ET: 6,675,593 — Total deaths: 197,644 — Total recoveries: 2,540,334 — Total tests: 90,710,730Map
  3. Politics: Former Pence aide says she plans to vote for Joe Biden, accusing Trump of costing lives in his coronavirus response.
  4. Health: Pew: 49% of Americans wouldn't get COVID-19 vaccine if available today Pandemic may cause cancer uptick The risks of moving too fast on a vaccine — COVID-19 racial disparities extend to health coverage losses.
  5. Business: Retail sales return to pre-coronavirus trend.
Mike Allen, author of AM
2 hours ago - Politics & Policy

Scoop: Mike Bloomberg's anti-chaos theory

CNN's Anderson Cooper questions Joe Biden last night at a drive-in town hall in Moosic, Pa., outside Scranton. Photo: CNN

Mike Bloomberg's $100 million Florida blitz begins today and will continue "wall to wall" in all 10 TV markets through Election Day, advisers tell me.

Why it matters: Bloomberg thinks that Joe Biden putting away Florida is the most feasible way to head off the national chaos we could have if the outcome of Trump v. Biden remained uncertain long after Election Day.

Biden's hardline Russia reset

Photo Illustration: Eniola Odetunde/Axios. Getty Images photos: Mark Reinstein

When he talks about Russia, Joe Biden has sounded like Ronald Reagan all summer, setting up a potential Day 1 confrontation with Russian President Vladimir Putin if Biden were to win.

Why it matters: Biden has promised a forceful response against Russia for both election interference and alleged bounty payments to target American troops in Afghanistan. But being tougher than President Trump could be the easy part. The risk is overdoing it and making diplomacy impossible.