Limetree Bay refinery auction is set for Thursday (Virgin Islands)
The auction of Limetree Bay refinery is now set for Thursday, and cash deposits from interested bidders are due today, according to testimony Monday in the U.S. Bankruptcy Court for the Southern District of Texas.
Limetree counsel Jorian Rose said at the hearing that “the good news today is we have a going-concern bidder,” St. Croix Energy, that submitted a $20 million bid Friday.
Michael O’Hara, managing director of Jeffries LLC, testified at Monday’s hearing via affidavit that the New York investment firm conducted “an extensive ‘going-concern sale’ marketing process over the last three months.”
Jeffries contacted 185 prospective investors and 35 parties executed non-disclosure agreements with Limetree and performed due diligence with the refinery’s data, according to O’Hara.
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