Business

Mapp To Make Major HOVENSA Announcement At Press Conference On Tuesday

ST. CROIX -- Governor Kenneth Mapp will be addressing the territory at a press conference set for 10:00 a.m. tomorrow at Government House in St. Thomas, a press release issued by the administration this afternoon has made known. Mr. Mapp is expected to take the veil off of an all-encompassing deal between the Government of the Virgin Islands, HESS and PDVSA, that's said to include a settlement of the GVI's lawsuit against the owners of the now-shuttered refinery, as well as an operating agreement with ArcLight Partners, LLC, the government's choice to reopen and operate the oil terminal and, according to Mr. Mapp, potentially start refining at a limited capacity. U.S. Bankruptcy Judge Mary Walrath was widely expected to approve a filing by the Official Committee of Unsecured Creditors in HOVENSA’s Chapter 11 case on Monday, to remove its objection to the sale of the refinery to ArcLight, after HOVENSA made available more money to the creditors, according to a source with...