Limetree Bay Refining receives final OK of $25 million DIP loan

By Sarah Lizee

Olympia, Wash., Aug. 30 – Limetree Bay Refining, LLC received final approval of a $25 million debtor-in-possession facility, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

405 Sentinel LLC is the lender and administrative agent for the DIP financing, as previously reported.

The DIP facility bears interest at 3% in cash and 9% in kind.

The company also received final court approval to use the cash collateral of 405 Sentinel and its pre-petition secured parties.

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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