St. Croix Energy Engages Greenhill to Explore Bid for Limetree Bay Refining Assets

Newly formed St. Croix Energy is working with Greenhill & Co. as a financial advisor to explore a bid for Limetree Bay Refining’s assets, according to Reorg Research, a respected subscription-based finance publication.

According to Reorg, citing sources familiar with the matter, St. Croix Energy recently listened to pitches from investment banks. The company is represented by Ropes & Gray in Limetree Bay Refining’s chapter 11 cases.

The refinery pushed out the deadlines related to its sale process last week. The debtors now need to pick an initial bidder, called a stalking horse, by Oct. 18, instead of Sept. 10. The deadline to host an auction is Oct. 29 at 11:00 a.m. ET, and a sale hearing needs to happen by Nov. 20, Reorg said.

Also during last week's bankruptcy proceedings, which is taking place in Texas and being presided over by Judge David Jones, the new deadline for the winning bidder to close the sale transaction is Dec. 3, 2021, and the new deadline for a backup bidder to close the sale transaction is Dec. 10, 2021.