Bankrupt Hess Unit Tees Up New $190 Million Asbestos Victim Plan

Global oil and gas company Hess Corp. and a bankrupt subsidiary reached a deal to pay about $190 million under a plan to resolve hundreds of asbestos claims stemming from a Caribbean refinery.

Honx Inc. filed notice of the creditor settlement on Thursday in the US Bankruptcy Court for the Southern District of Texas. The deal would resolve 910 current claims from workers and their families who say they were exposed to asbestos at a former Hess oil refinery in St. Croix. The agreement, which has been incorporated into a proposed Chapter 11 bankruptcy plan, would also compensate future asbestos-related ...