Hovensa Gets Final Approval To Tap $40M Financing

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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Attached Documents

Related Sections

Case Information

Case Title

Subscribers Only

Case Number

Subscribers Only


Subscribers Only

Nature of Suit

Subscribers Only


Subscribers Only

Date Filed

Subscribers Only


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!