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Limetree Bay seeks another 60-day exclusivity extension to close sale
By Sarah Lizee
Olympia, Wash., Jan. 10 – Limetree Bay Refining, LLC asked for another 60-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.
Specifically, the company asked the court to extend the plan filing period through March 11 from Jan. 10 and the solicitation period through May 10 from March 11.
The court had granted the company’s first 60-day exclusivity extension on Dec. 2.
That same week, the court entered into an order reopening an auction for the company’s assets. At the conclusion of the auction, the company designated West Indies Petroleum Ltd. and Port Hamilton Refining and Transportation, LLLP as the winning bidder and St. Croix Energy, LLLP as the backup bidder.
On Dec. 8, the court approves a settlement between the debtors, the official committee of unsecured creditors and BP Products North America, Inc., which provides for a payment of over $5 million to the debtors’ estates.
After a contested hearing to approve the sale of the assets, the court approved the sale on Dec. 21. The company has until Jan. 21 to close the sale to the winning bidders. If that sale doesn’t close, the company has until Jan. 26 to complete a sale to St. Croix.
“Once the sale transaction has closed, the debtors and their professionals can shift their focus entirely to negotiating with creditors to build consensus for a plan and finalizing the documents required for plan confirmation,” the company said in its motion.
Limetree Bay is based in St. Croix, U.S. Virgin Islands, and is capable of processing around 200,000 barrels of oil per day. The company filed bankruptcy on July 12, 2021 under Chapter 11 case number 21-32351.
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