Bates White expert testifies in HONX bankruptcy confirmation hearing on settlement and Trust Distribution Procedures
Andrew R. Evans testified at the In re HONX, Inc confirmation hearing on behalf of the debtor in the US Bankruptcy Court for the Southern District of Texas. HONX is a subsidiary of Hess Corporation that filed for bankruptcy in April 2022 to resolve its asbestos-related liability for current and future claims arising from an oil refinery it operated in the US Virgin Islands. Mr. Evans analyzed the proposed trust contributions and testified that, in conjunction with the proposed Trust Distribution Procedures, they would provide sufficient funding to reasonably ensure that future claims would be paid on an equitable basis to similarly situated current claims. Judge Bennet confirmed the plan of reorganization, which went effective on March 8, 2024. The case featured a highly accelerated timeline relative to many asbestos bankruptcy proceedings, going from filing to having the plan go effective and a 524(g) trust setup in less than two years.
During the confirmation hearing, HONX’s lead litigation counsel referred to Mr. Evans as the “star witness in this proceeding.”