Deals
Delta Air Lines Purchases Marcus Hook Refinery
July 2, 2012The Blank Rome team, led by Bruce Eisenberg, provided local counsel to subsidiaries of Delta Air Lines, Inc. (“Delta”) in connection with their $180 million purchase of a refinery in Trainer and Marcus Hook, Delaware County, PA, and associated assets from affiliates of Phillips 66 (formerly ConocoPhillips). Through the deal, Delta gains more than 400 rights of way covering associated pipelines stretching 40 miles into Delaware County, Philadelphia, Gloucester County, NJ and the Delaware River. Our team provided real estate advice on the asset purchase agreement and closing documents, performed real estate due diligence on the seven fee parcels and the 400+ rights of way, environmental due diligence, and governmental assistance.
Blank Rome also provided local advice to Delta in connection with its post-closing exchange agreements with BP Products North America whereby BP will sell Delta all of Delta’s oil requirements for Delta’s proposed jet fuel refining operations and Delta will sell back to BP the post-refining non-jet fuel petroleum bi-products. BP obtained security in connection with this transaction; our work included negotiating the four mortgage security documents and providing legal advice and opinions regarding the mortgages and the security agreement.