Limetree Bay Refining secures exclusivity extension, seeks another

By Sarah Lizee

Olympia, Wash., March 14 – Limetree Bay Refining, LLC received another 60-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the court extended the plan filing period through March 11 from Jan. 10 and the solicitation period through May 10 from March 11.

Shortly after the order was filed, the company filed a motion seeking a further extension of the exclusive periods. Specifically, Limetree asked the court to extend the plan filing period through May 25 and the solicitation period through July 25.

The company said it has also filed a motion to establish an administrative expense claims bar date, which if granted, will enable the debtors to have more complete information regarding the nature, validity and amount of such administrative expense claims as they continue to work with key creditors toward building a consensus for a plan and finalizing the documents required for plan confirmation.

“By preserving the status quo for a brief period, creditors will not be prejudiced, the costly disruption and uncertainty from multiple parties proposing competing plans can be avoided, and it will afford the debtors additional time to complete their negotiations with key stakeholders which the debtors hope will result in a consensual plan confirmation process,” the company said in its motion.

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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