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Bankrupt Pa. refiner paid executives almost $4.5M in retention bonuses

Executives at a Philadelphia refinery received nearly $4.5 million in retention bonuses after the company decided to shut down the facility in the wake of a June 21 fire and explosion that destroyed one of the complex's alkylation units.

The July 5 payments came after PES Holdings LLC failed to make an interest payment due on June 28, but before the company filed for bankruptcy protection for the second time in 18 months on July 21.

According to a Sept. 6 bankruptcy filing, PES CEO Mark Smith received a $1.545 million retention bonus, while legal officers John Mcshane and Anthony Lagreca received retention bonuses totaling $1.326 million.

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On July 3, PES paid board member Mark Cox $772,500 in "an initial payment" on an annual consulting agreement, the filing shows.

Earlier this year, two senior executives left the company amid persisting financial struggles that followed the company's 2018 reorganization.