Limetree Bay Selects Banker to Sell Refinery Business

Limetree Bay selected investment bank Jefferies Financial Group to help kick off a sale process for its St. Croix refinery during bankruptcy, according to people with knowledge of the matter who asked not to be identified talking about private matters.

The company is seeking approval of bidding and sale procedures at a hearing next week, according to court papers. Existing creditors could use the debt owed to them to make a bid. The initial goal is to find a so-called stalking horse bidder by Sept. 10 to make a binding, opening offer at a proposed Sept. 22 auction. Competing bids ...