Limetree Bay, prepetition lenders agree to extend cash collateral use

By Sarah Lizee

Olympia, Wash., Feb. 10 – Limetree Bay Refining, LLC and an informal group of prepetition lenders agreed to extend the company’s access to cash collateral, according to a stipulation filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

Wilmington Trust, NA is the term administrative agent, Goldman Sachs Bank USA is the project collateral agent and Goldman Sachs Bank USA is the revolving administrative agent.

Previously, the company’s access to cash collateral would have ended in the event of a debtor-in-possession repayment event, which occurred on Jan. 24.

As a result of the repayment, the parties entered into the stipulation to supplement the terms of the final DIP order and provide for the consensual interim use of the cash collateral.

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, 2021 under Chapter 11 case number 21-32351.

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