Hovensa gets authorization to extend exclusivity periods

By Mark Reccek

Bethlehem, Pa., Jan. 4 – Hovensa LLC secured court approval to extend its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Jan. 4 with the U.S. Bankruptcy Court for the District of the Virgin Islands.

The company's exclusive plan-filing period was extended to March 14 from Jan. 13 and its exclusive solicitation period to May 13 from March 14.

Hovensa previously said the extensions were needed "to satisfy all of the various conditions required for the plan to become effective prior to the expiration of the [current] exclusivity periods.”

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 for bankruptcy on Sept. 15 under Chapter 11 case number 15-10003.

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