PHILADELPHIA (WPVI) -- A Chicago-based real estate developer is the winning bidder for the sprawling piece of land that's home to the defunct Philadelphia Energy Solutions refinery.
Hilco Redevelopment Partners is expected to pay $240 million for the site, according to bankruptcy court documents.
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PES filed for bankruptcy back in July and put its plant up for sale one month after a fire and explosions destroyed a portion of the refinery.
More than 1,000 workers were laid off in the process.
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The sale still needs federal approval and it's not yet clear how the new owner intends to use the land.