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Limetree Unit’s Bankruptcy Plan Approved After $62 Million Sale

May 18, 2022, 7:24 PM

A bankrupt unit of Limetree Bay Energy won approval of a plan to liquidate after selling a troubled refinery for $62 million.

The plan, approved after a hearing Wednesday by Judge David R. Jones of the US Bankruptcy Court for the Southern District of Texas, creates a liquidating trust that will distribute the sale proceeds and wind down any remaining assets, including any rights to file lawsuits that weren’t transferred in the refinery sale.

Limetree Bay Services, which operated a refinery in St. Croix, ceased operations in May 2021 after an incident that caused a “small amount of oil ...