Bankruptcy Judge Mary Walrath WILMINGTON, Delaware – A federal bankruptcy court judge decided today that the HOVENSA oil refinery complex can be sold to stalking horse bidder Limetree Bay Holdings and commodities trader Freepoint, the Virgin Islands Free Press has learned. News that U.S. Bankruptcy Court Judge Mary Walrath had
U.S. Bankruptcy Court Judge Mary Walrath CHRISTIANSTED – The terminal assets of the idled HOVENSA refining complex on the St. Croix will come up for auction in a U.S. Bankruptcy Court hearing on November 10, but a final sale is contingent on local government and legislative approval of an operating
Gov. Kenneth Mapp CHRISTIANSTED – When the Virgin Islands slapped Hess. Corp. with a $1.5 billion suit last month accusing the oil company of shuttering a refinery it had promised to run through 2022, it didn’t also mention that it had already sued PDVSA for $3.8 billion the month before.
CHRISTIANSTED – A federal judge gave interim approval for $40 million loan to HOVENSA from its proposed new owners as bankruptcy proceedings over the future of the South Shore refinery began in U.S. District Court in Golden Rock on Thursday. Some of the money is needed by HOVENSA to pay a
Hess Corp’s Lorrie Hecker CHRISTIANSTED – The owner of the mothballed refinery on St. Croix filed for chapter 11 on Tuesday, as part of a plan to sell its assets for $184 million to an affiliate of Boston private-equity firm ArcLight Capital Partners LLC. The refinery, known as HOVENSA LLC,
CHRISTIANSTED – The Virgin Islands government on Monday sued American oil company Hess Corp. for at least $1.5 billion, alleging that the firm abandoned a massive oil refinery it had pledged to run through the year 2022. Within hours of the filing, the Hess subsidiary that owns the refinery announced that it