Limetree Bay misses interest payment on $25 million DIP facility

By Sarah Lizee

Olympia, Wash., Oct. 12 – Limetree Bay Refining, LLC defaulted on its $25 million debtor-in-possession facility, according to a notice filed by lender and administrative agent 405 Sentinel LLC on Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

The DIP facility bears interest at 3% in cash and 9% in kind. The lender said the debtors have failed to pay accrued interest for September.

The agent agreed to a short forbearance. Limetree must pay the agent the $63,195.68 in September interest by Tuesday. Otherwise, the agent will have the right to declare a termination event and terminate the commitment.

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 under Chapter 11 case number 21-32351.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.