Limetree Bay seeks court approval of bid procedures for all assets

By Sarah Lizee

Olympia, Wash., July 28 – Limetree Bay Refining, LLC is seeking court approval of the bid procedures for the sale of substantially all of its assets, according to a motion filed with the U.S. Bankruptcy Court for the Southern District of Texas.

The company is seeking one or more stalking horse bidders for the assets. The stalking horse agreement would include a breakup fee of up to 3%.

Under the proposed bid procedures, the company has until Sept. 10 to choose a stalking horse, competing bids will be due by Sept. 17, an auction will be held on Sept. 22, and a sale hearing will be held on Oct. 14.

A hearing on approval of the bid procedures is scheduled for Aug. 2.

Limetree Bay is based in St. Croix, U.S. Virgin Islands, and is capable of processing around 200,000 barrels per day. The company filed bankruptcy on July 12 under Chapter 11 case number 21-32351.

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