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Hess Puts Unit in Bankruptcy to Untangle Asbestos Claims

  • Oil company puts subsidiary in Chapter 11 bankruptcy
  • Asbestos lawsuits tied to troubled oil refinery on St. Croix

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.