Limetree Bay Refining gets 60-day extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Dec. 2 – Limetree Bay Refining, LLC secured an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the court extended the plan filing period by 60 days through Jan. 10 and the solicitation period by 60 days through March 11.

The company said in its motion that the debtors and their advisers have coordinated with the official committee of unsecured creditors regarding efforts to sell their assets, efforts to identify and prosecute potential causes of action, and efforts to negotiate with the debtors’ lenders.

Limetree said the debtors and their advisers have also spent significant time reviewing the structure of the debtors, intercompany transactions between the debtors and their non-debtor affiliates, and the make-up of the debtors’ respective creditor bodies to determine the most efficient and equitable structure of the plan.

The company said it anticipated being able to finalize its review and analysis shortly after the general claims bar date on Nov. 15.

The debtors expect to finalize and file a plan of liquidation no later than Jan. 10.

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.