Duane Morris Team Leads $440M Loan for St. Croix Refinery Site
Two Duane Morris lawyers in Miami represent Barclays Bank in a $440 million loan transaction to repurpose a shuttered St. Croix oil refinery.
April 11, 2017 at 11:00 AM
21 minute read
When a former Hess Corp. oil refinery in St. Croix, U.S. Virgin Islands, shut down in 2012, the closing devastated the Caribbean island economy.
But new activity at the site has begun, and two lawyers in Duane Morris' Miami office represented Barclays Bank PLC in a $440 million loan transaction to bring the complex back on line, albeit repurposed.
The complex isn't expected to ever rehire the up to 5,000 people, including contractors, it once employed. But the transaction brings hope to thousands on the island still suffering from the economic downturn set off by the shutdown.
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