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Hovensa Chapter 11 liquidation plan approved by four voting classes
By Mark Reccek
Bethlehem, Pa., Jan. 13 – Hovensa LLC's Chapter 11 plan of liquidation was accepted by four voting classes, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of the Virgin Islands.
Seventeen holders, or 100% of $54,621,387.11 in class three GVI claims and 948 holders, or 100% of $948 in class four tort claims voted to accept the plan.
Also, 14, or 93.33% of $4,571,292.85 in class five other non‐governmental and non‐tort general unsecured claims voted to accept the plan, while one holder, or 6.67% of $500,000 voted to reject the plan.
Additionally, one holder, or 100% of $1 in class six other governmental general unsecured claims voted to accept the plan.
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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