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Limetree Bay Refining, LLC and several of its subsidiaries (collectively referred to as “Limetree Bay” or the “Company”) today announced that Limetree Bay has filed a voluntary application to the U.S. Southern District Bankruptcy Court under Chapter 11 of the U.S. Bankruptcy Law. “Court”). Limetree Bay intends to use the Chapter 11 process to discuss with its lenders, creditors, equity owners, and others to evaluate options for maximizing the value of the estate and the value recovered by stakeholders, including exploring the potential sale of its assets.
Limetree Bay has received up to US$25 million in new debtor holding financing commitments. Upon approval by the court, it is expected to provide sufficient liquidity to meet ongoing business obligations related to the maintenance of the refinery in the Chapter 11 process.
The filing part of Chapter 11 is necessary…
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