Limetree Bay Refining asks bankruptcy court to extend sale timeline

By Sarah Lizee

Olympia, Wash., Sept. 13 – Limetree Bay Refining, LLC is seeking an extension of the deadlines under the bid procedures for the sale of its assets, according to an emergency motion filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company said 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.

The company wants to move the stalking horse designation deadline to Oct. 18 from Sept. 10, the bid deadline to Oct. 25 from Sept. 17, the Auction date to Oct. 29 from Sept. 22, and the sale hearing to Nov. 20 from Oct. 14.

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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