By Jonathan Randles (October 13, 2015, 7:09 PM EDT) -- A federal judge has signed off on a $40 million bankruptcy financing package for St. Croix oil refinery Hovensa LLC, which filed for Chapter 11 last month after it was sued by the Virgin Islands' government for closing the facility.
U.S. Bankruptcy Judge Mary F. Walrath gave Hovensa final approval to the refinery's debtor-in-possession financing, which will fund the company as it restructures. Hovensa filed for Chapter 11 in September after the Virgin Islands reportedly launched a $1.5 billion lawsuit against Hess Corp., joint owner of the facility, which had promised to run it through 2022.
Judge Walrath gave preliminary approval...
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