Limetree Bay Refining gets extension of timeline for sale of assets

By Sarah Lizee

Olympia, Wash., Sept. 15 – Limetree Bay Refining, LLC secured an extension of the deadlines under the bid procedures for the sale of its assets, according to a minute entry filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The stalking horse designation deadline was moved to Oct. 18 from Sept. 10, the bid deadline was moved to Oct. 25 from Sept. 17, the auction date was moved to Oct. 29 from Sept. 22, and the sale hearing was moved to Nov. 20 from Oct. 14.

The company said in its motion that it has received significant interest in its assets, but discussions remain ongoing.

Limetree said it believes that additional time would substantially benefit the estates and creditors by providing an opportunity to continue those discussions and, ultimately negotiate the most advantageous proposal available to serve as a stalking horse bid for the sale.

Limetree said the official committee of unsecured creditors has consented to the extensions, and it is awaiting approval from its pre-petition secured lenders and debtor-in-possession lender 405 Sentinel, LLC.

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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