Hovensa committee OK'd to hire counsel, co-counsel, financial adviser

By Mark Reccek

Bethlehem, Pa., Dec. 21 – Hovensa LLC’s official committee of unsecured creditors received court approval to retain Dentons US LLP as counsel and Hamm Eckard LLP as co-counsel, both retroactive to Sept. 28, and Berkeley Research Group LLC as financial adviser, retroactive to Oct. 1, according to orders filed Friday with the U.S. Bankruptcy Court for the District of the Virgin Islands.

As previously reported, Dentons and Hamm attorneys will be responsible for providing legal advice; attending meetings and negotiating with company representatives and others; appearing in court on behalf of the company; preparing the necessary legal documents; and assisting in the review, analysis and negotiation of any plan of reorganization or liquidation.

Berkeley representatives will be responsible for advising and assisting the committee in its analysis and monitoring of the company’s historical, current and projected financial affairs and debtor-in-possession financing arrangements; evaluating and monitoring the company’s wind down plans; advising and assisting the committee and counsel in reviewing and evaluating any court motions; analyzing assets and possible recovery to creditor constituencies; and reviewing and providing analysis of any bankruptcy plan and disclosure statement.

Rates for Dentons and Hamm attorneys and paralegals will range from $195 per hour to $1,240 per hour, while rates for Berkeley representatives will range from $120 per hour to $895 per hour.

Hovensa owns a crude oil refinery in St. Croix in the U.S. Virgin Islands. It is owned 50% by a subsidiary of Hess Corp. and 50% by a subsidiary of Petroleos de Venezuela, SA. The company filed bankruptcy on Sept. 15 under Chapter 11 case number 15-10003.

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