Limetree Wants More Time To Find A Buyer, Cuts 35 More Jobs

ST. CROIX, USVI — Limetree Bay Refinery asked for more time to find a buyer. Lawyers for the company appeared in bankruptcy court on Wednesday and made a case for pushing back the original deadline for the sale of the bankrupt refinery.

It is unclear whether or not Limetree has any real buyers on the line. In August, the company told the judge that they had 20 possible buyers, however, they considered anyone who had received a non-disclosure agreement to be a possible buyer. They did not indicate if any of those parties had serious intentions to purchase the refinery.

In the previously laid out timeline, Limetree was supposed to have identified a new buyer by Friday, September 17, and closed the sale by November 8. Limetree's lead bankruptcy counsel Elizabeth green told the court that with more time, possible buyers can tour the facility on St. Croix.

After Wednesday's hearing, Limetree might be facing another new hurdle to securing a buyer. A lawyer for federal regulators told the court on Wednesday that the refinery might need a new permit to restart, which would increase the cost of buying the business.

In the meantime, Limetree Bay is letting go of more employees in an effort to cut costs and keep the business operational, as reported by the Virgin Islands Daily News. "Reorganizing Limetree Terminals will allow us to streamline operations and better position us to achieve the company’s business objectives,” said Limetree Bay CEO Jeff Rinker.

Under the reorganization, approximately 35 people will lose their jobs on Dec. 12.

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