Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers H > Headlines for Hovensa LLC > News item |
Hovensa second amended plan of liquidation effective as of Feb. 17
By Caroline Salls
Pittsburgh, Feb. 18 Hovensa LLCs second amended plan of liquidation took effect on Wednesday, according to a notice filed with the U.S. Bankruptcy Court for the District of the Virgin Islands.
The plan was confirmed on Jan. 20.
As previously reported, Hovensa received court approval of the $190 million sale of its oil and storage terminal assets to ArcLight Capital Partners, LLC affiliate Limetree Bay Holdings, LLC on Dec. 1.
Treatment of creditors under the plan will include the following:
Administrative claims, debtor-in-possession facility claims, priority tax claims and other priority claims will be paid in full in cash;
Holders of other secured claims will either be paid in full in cash or receive the collateral securing the claims;
GVI claims will be satisfied through payment in full of any concession fee, transfer of government parcels and performance of the debtors environmental obligations;
Holders of tort claims will receive a beneficial interest in either a general unsecured creditor beneficiary reserve or a tort claims reserve, as determined by the liquidating trustee;
Holders of non-governmental and non-tort general unsecured claims and other governmental general unsecured claims will receive a beneficial interest in either the general unsecured creditor beneficiary reserve or other general unsecured claims reserve, as determined by the liquidating trustee; and
Interest holders will receive no distribution.
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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.