Marble Ridge Capital LP Objects to Hilco Redevelopment Partners' Attempt to Renegotiate Acquisition of 1,300 Prime Acres Outside of Philadelphia

NEW YORK, June 22, 2020 /PRNewswire/ -- Marble Ridge Capital LP ("Marble Ridge") today reported that, following its June 12, 2020 Letter to the Board of Directors of Philadelphia Energy Solutions (the "Company") in which it objected to Hilco Redevelopment Partners' ("Hilco") proposed purchase price reduction, it has filed an Objection in the Delaware bankruptcy court seeking to force Hilco to close the transaction on its existing terms. Marble Ridge is a major lender to the Company and will be a member of the Liquidating Trust Board after bankruptcy.

Marble Ridge has informed both the Company's Board and the Bankruptcy Court that Hilco intentionally and willfully delayed performance under the Asset Purchase Agreement to force a purchase price reduction. In a status conference today, the Judge overseeing the case, Hon. Laurie Selber Silverstein, agreed to delay the hearing to consider Marble Ridge's objection, as requested by Marble Ridge, and questioned Hilco counsel about the reason behind the price reduction and why COVID-19 would serve as an excuse for Hilco's performance in this case.

Marble Ridge stated, "Now, shamefully under the guise of the COVID pandemic and sour grapes, Hilco is seeking to blatantly disregard its contractual obligation at the expense of the Company's stakeholders and present them with the Hobson's choice to either accept Hilco's radically redefined and unfair economic terms or force the Company into an administratively insolvent liquidation where unsecured creditors would receive nothing."

Marble Ridge has filed an Objection with Bankruptcy Court regarding the Hilco transaction and the Declaration of Daniel Kamensky, Managing Partner of Marble Ridge, in support of the Objection.

Contact
Robert Siegfried / Ross Lovern
(917) 842-1126 / (917) 842-7205
[email protected] / [email protected]

SOURCE Marble Ridge Capital LP