Limetree Bay names St. Croix Energy winning bidder for assets

By Sarah Lizee

Olympia, Wash., Dec. 1 – Limetree Bay Refining, LLC named stalking horse bidder St. Croix Energy, LLLP the winning bidder for its assets, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

St. Croix Energy’s bid includes a $33 million purchase price, consisting of $20 million in cash, $14 million in assumed and avoided liabilities and expense reimbursement under the terms of a transition services agreement, minus a $1 million expense reimbursement.

Sabin Metal Corp. and Bay, Ltd. were named backup bidders. Sabin’s bid includes a roughly $15.12 million consideration, and Bay’s bid includes a roughly $24.76 million consideration.

A sale hearing is scheduled for Dec. 7.

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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