Trigeant opposes exclusivity termination motion, BTB Refining plan

By Caroline Salls

Pittsburgh, Nov. 20 – Trigeant Holdings, Ltd. objected to BTB Refining, LLC’s motion for termination of Trigeant’s plan exclusivity, arguing that BTB has already violated the company’s exclusivity by proposing its own plan “and should not be rewarded by a grant of termination,” according to a Nov. 20 filing with the U.S. Bankruptcy Court for the Southern District of Florida.

“Even without regard to the improper solicitation caused by the filing of the BTB plan and the multiple infirmities that render the BTB plan not confirmable, the court should deny the termination motion, because BTB has not come anywhere close to establishing cause to grant the extraordinary remedy of terminating exclusivity,” Trigeant said.

The company said denial of the termination motion does not leave BTB without the ability to seek a proposed purchase of the Trigeant debtors’ crude processing unit (CPU).

However, rather than presenting in a good faith manner the proposals and inquiries to which the debtors are required to respond and giving the debtors the reasonable opportunity to consider the proposal, Trigeant said BTB instead filed its own plan.

“BTB’s effort to terminate exclusivity rather than resort to avenues available to make a competing bid for the CPU reflects a lack of good faith behind the termination motion,” the objection said.

Specifically, Trigeant said BTB is attempting to undermine a bid by Gravity Midstream Corpus Christi, LLC, which provides a 100% return to creditors, by causing a default under the company’s plan support and asset purchase agreements as well as a default under the debtor-in-possession financing provided by Gulf Coast Asphalt Co., LLC.

BTB is also trying to impede or delay confirmation of Trigeant’s first amended plan, even though it is aware that the current confirmation schedule is of critical important to Gravity as plan sponsor.

Trigeant, a Boca Raton, Fla.-based petroleum company, filed for bankruptcy on Aug. 25. The Chapter 11 case number is 14-29027.

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