Limetree Bay's Ch. 11 Plan Is Confirmed After Refinery Sale

By Vince Sullivan (May 18, 2022, 4:18 PM EDT) -- The Chapter 11 liquidating plan of Limetree Bay Services LLC received court approval in Texas on Wednesday, with the plan providing for the distribution of proceeds from the $62 million sale of the St. Croix oil refinery the debtor owned until environmental issues forced it into bankruptcy last year.

During a hybrid hearing conducted both in person and via teleconference, debtor attorney Elizabeth A. Green of BakerHostetler said plan confirmation was something that seemed like a pipe dream at the outset of the case when the proceeds of a sale were expected to fall well short of satisfying Limetree's obligations under...

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