Read full story for latest details. : Philadelphia Energy Solutions said it went bankrupt because of "skyrocketing costs" to comply with the EPA's Renewable Fuel Standard. The rule, aimed at lowering pollution, requires refiners to either blend oil with renewable fuels or buy credits. The company has received a $260 million lifeline from lenders and investors. Existing shareholders led by private-equity giant Carlyle Group (CG) have agreed to inject $65 million into the company. That's enough to keep its two refineries operational and its 1,100 employees paid.