Stock Groups

Bankruptcy judge approves $62 million Limetree Bay sale to Jamaican company -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO – Installations at the Limetree Bay oil refinery can be seen on St Croix (U.S. Virgin Islands), June 28, 2017. REUTERS/Alvin Baez

By Laura Sanicola

(Reuters] -A U.S. bankruptcy judge approved Tuesday’s $62,000,000 sale of Limetree Bay to a Jamaican Oil Storage Company that plans to restart the refinery.

Private equity investors had poured $4.1 billion into reviving the aging U.S. Virgin Islands facility, which was shut down https://www.reuters.com/business/energy/limetree-bay-refinery-shut-due-severe-financial-constraints-2021-06-21 by U.S. environmental regulators earlier this year.

Limetree declared West Indies Petroleum as the Saturday winner after conducting a second auction over the weekend.

St. Croix Energy was the winning bidder in the initial auction and was then named as the back-up bidder.

Judge David Jones opened the second auction at the request of West Indies Petroleum. He was the chief executive officer West Indies Petroleum and had suffered an emergency. St. Croix Energy opposed the holding of the second auction.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information, including buy/sell signal data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.

[ad_2]