Hovensa files for bankruptcy, ending a long-running dispute
The shuttered Hovensa Refinery in the US Virgin Islands has filed for bankruptcy, closing a long-running dispute between the owners of the facility and the Virgin Islands
The shuttered Hovensa Refinery in the US Virgin Islands has filed for bankruptcy. This could mark the closing stages of a long-running and bitter dispute between the owners of the facility, Hess and Venezuelan national oil company PdV, and the Virgin Islands government. Hovensa filed for bankruptcy 15 September, saying that it lacked the resources to cover $1.864bn in debts and that it had reached a $184m deal with Limetree Bay Holdings, an affiliate of energy-focused private equity firm ArcLight Capital, to sell the facility’s storage terminals, according to court documents. Hovensa’s bankruptcy filing came days after the US Virgin Islands government filed a $1.5bn suit against Hess. That s
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