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Trigeant files bankruptcy; BTB looks to prosecute foreclosure appeal
By Caroline Salls
Pittsburgh, Dec. 2 - Trigeant, Ltd. filed Chapter 11 bankruptcy on Wednesday in the U.S. Bankruptcy Court for the Southern District of Florida.
On Monday, BTB Refining, LLC requested relief from the automatic stay imposed by the bankruptcy filing to allow it to proceed with an appeal pending in the U.S. Court of Appeals for the Fifth Circuit that includes Trigeant as an appellee.
BTB said the appeal centers on whether Trigeant owns an asphalt production plant in Corpus Christi, Texas.
The issue on appeal is whether the U.S. District Court for the Southern District of Texas properly held that BTB's March 2008 foreclosure of the refining plant constituted a fraudulent transfer under the Texas Uniform Fraudulent Transfer Act.
Although Trigeant is an appellee, BTB said it has not taken a position in the appeal on the ultimate ownership of or priority liens on the refining plant. BTB and PDVSA Petroleo SA are the main parties in the appeal.
If BTB is successful on the appeal, then Trigeant's principal asset will not constitute property of its estate.
"There is no conceivable scenario by which the debtor would maintain the refining plant free and clear of a secured lien," BTB said.
A status conference is scheduled for Dec. 19 for a review of the circumstances of the Chapter 11 case and for setting various case deadlines.
According to court documents, Trigeant has an estimated $10 million to $50 million in assets and $50 million to $100 million of debt.
The company's largest unsecured creditors are PDVSA, with a $52.78 million claim, Texas Asphalt Refining Co., LLC, with a $4.1 million claim and Bay Ltd. of Corpus Christi, Texas, with a $1.31 million claim.
The company is represented by Paul Steven Singerman.
Trigeant is a Boca Raton, Fla., petroleum company. The Chapter 11 case number is 13-38580.
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