Environment

Reuters exclusively reports Arclight Capital Partners LLC bet on troubled Caribbean refinery blows up on retirement funds

Reuters exclusively reported that U.S. private equity firm Arclight Capital Partners LLC, which invests the retirement savings of Maine teachers, NFL football players and Mayo Clinic doctors, lost hundreds of millions of dollars betting on a troubled Caribbean oil refinery. Boston-based Arclight’s Energy Partners Fund VI, which held a majority stake in the Limetree Bay refinery on St. Croix in the U.S. Virgin Islands, shed more than a quarter of its value in the year ended March 31. The fund has since removed the refinery from its portfolio, while investors holding hundreds of millions of dollars of common and preferred equity in the facility have been forced to write it off as worthless, according to pension fund officials and financial disclosures reviewed by Reuters.

Article Tags
Topics of Interest: Environment
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Americas
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
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