Because they are not equipped to include biofuels. Amazing.
That may be the case, but there may be more here than meets the eye.
I recall while working for another company an evaluation of selling off an old East Coast refinery due to low margins, as Sunoco successfully did in 2012 to a newly formed company PES. Since it was around for many, many years, the stumbling point of any sale was the environmental liability of the refinery which the new would not absorb. The cleanup bill was worth more than the entire refinery.
Using bankruptcy to thwart government-mandated laws seems fishy to me. If they are successful, look for others to undertake an end-around like this.
At the very end of this, who do you think takes it on the chin for erasing $300 million in credits? It is not the company nor its parent companies. Won't be the creditors either, most likely. Looks to me it is those who adher to the RIN credit schemes, and, most importantly, us taxpayers.