Hess Corp. Puts Unit in Bankruptcy to Untangle Asbestos Claims

Hess Corp. put a unit in bankruptcy to address asbestos lawsuits, making it the latest financially sound company to turn to bankruptcy court to untangle legal burdens.

The energy company on Thursday put a subsidiary, Honx Inc., in Chapter 11 protection to corral legal claims brought by former employees at a U.S. Virgin Islands refinery that it no longer owns. Hess itself is not bankrupt, and sports investment-grade credit ratings.

The claims at issue relate to workers’ alleged asbestos exposure at a facility on St. Croix most recently known as the Limetree Bay refinery. The refinery went bankrupt last ...