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Troubled refinery bankrupt after EPA shutdown


Troubled refinery bankrupt after EPA shutdown
By
The Limetree Bay refinery in the U.S. Virgin Islands. Virgin Islands Think Tank/Facebook
The troubled Limetree Bay refinery has filed for bankruptcy, two months after EPA regulators invoked rarely used emergency powers to halt operations at the plant in the U.S. Virgin Islands.
Severe financial and regulatory constraints have left us no choice but to pursue this path, after careful consideration of all alternatives, Jeff Rinker, CEO of Limetree Bay Ventures LLC, said in a statement posted yesterday on the company’s website announcing the Chapter 11 reorganization.
That process provides Limetree with the clearest path to maximize the value of our estate for our stakeholders while safely preparing the refinery for an extended shutdown, Rinker said. The release added that Limetree Bay plans to use the breathing room provided by the Chapter 11 proceedings to evaluate options including a potential sale of its ....

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Limetree Bay Refinery Files for Chapter 11 Bankruptcy Protection


Limetree Bay Refinery Files for Chapter 11 Bankruptcy Protection
Rachel Butt and Gerson Freitas Jr., Bloomberg News
(Bloomberg) Limetree Bay Refining LLC filed for Chapter 11 bankruptcy in Houston on Monday after the U.S. Environmental Protection Agency closed its Caribbean oil refinery.
The St. Croix, U.S. Virgin Islands-based company said in a statement that it plans to use the court protection process to negotiate with creditors and equity holders and weigh options including asset sales.
The refinery sought bankruptcy “due to severe regulatory and financial constraints” that forced it to suspend its refinery operations indefinitely, and has lined up to $25 million of so-called debtor-in-possession financing that will help it maintain the refinery through the Chapter 11 process, according to the statement. ....

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