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AlwaysFree: Failed Limetree Refinery Bidder Challenges Winning Bid In Court

Author: SSESSMENTS

Texas-based contractor Bay Ltd, one of the bidders for the bankrupt Limetree Bay refinery, challenged the winning bid in court this week, arguing that it was a disguised dismantlement bid. Bay and partner New York-based Sabin Metal Corp made a tandem bid of $39 million. However, Limetree Bay is officially named St. Croix Energy LLC as the winning bidder, although its bid was lower at $33 million. Bay asked the court to postpone a sale hearing scheduled for December 7, pending more legal discovery. Bay also said that St. Croix violated auction procedures by prematurely declaring itself the winning bidder weeks before it was formally designated on the docket.

St. Croix has previously said it wanted to revive Limetree, which was shut by US regulators earlier this year. St. Croix will have to comply with a consent decree from the US Environmental Protection Agency and may need additional permits to modify or expand certain parts of the site. EIG and Arclight, the previous owner of Limetree, spent more than $4 billion to restart the 210,000-bpd refinery, which had been shut for almost a decade. However, it experienced a botched start-up and had to be shut down again due to environmental concerns.

Tags: AlwaysFree,Americas,Crude Oil,English,US

Published on December 3, 2021 9:40 AM (GMT+8)
Last Updated on December 3, 2021 9:40 AM (GMT+8)