Business & Tech
Limetree Bay Refinery Gets $10M Cash Infusion, But No Buyers
The company behind the refinery is still seeking a buyer. A $10M cash infusion will keep operations and clean-up going in the meantime.
ST. CROIX, USVI — The owners of Limetree Bay Refinery will appear in court this week with a request to access financing to fund operations during the bankruptcy.
The owners of the shuttered St. Croix refinery received an additional $10 million in debtor-in-possession (DIP) financing earlier this month. The cash infusion is intended to help the company remain operational while it shuts down the plant and tries to attract a buyer. According to Reuters, some of the money will go towards paying workers to remove oil from the St. Croix facility.
Limetree Bay has been working with investment bank Jefferies Financial Group to find a buyer for the refinery. But no buyers are interested. Lawyers for Limetree Bay say that potential buyers are scared off by an ongoing investigation into whether Limetree violated the Clean Air Act.
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The outlook is not entirely bleak. Jefferies co-head of U.S. restructuring, Michael O’Hara, told the bankruptcy court that if a buyer comes to the table, they have identified several companies willing to replace BP Plc as the facility's crude oil provider.
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