Hess Subsidiary Files for Bankruptcy to Address Asbestos Claims

Hess Corp. subsidiary Honx Inc. filed for Chapter 11 bankruptcy in Texas on Thursday, court papers show.

• Entity lists assets of as much as $50 million and liabilities of as much as $1 billion in its bankruptcy petition
• Honx was formerly known as Hess Oil New York Corp. and Hess Oil Virgin Islands Corp., per court papers
• Entity is 100% owned by Hess Corp.
• Honx filing comes “in light of the company’s current litigation liabilities and general financial condition,” per petition
• Entity says its largest unsecured creditors are parties with disputed claims against it for exposure to asbestos and toxic ...