Limetree Bay Ch. 11 Plan ahead on thin ice

By Vince Sullivan (April 5, 2022, 7:13 p.m. EDT) — A Chapter 11 plan disclosure statement proposed by the bankrupt former owner of a Caribbean oil refinery received court approval on Tuesday in Texas, but the secured creditors who funded the case say their desire to keep pumping money into the debtor is coming to an end.

Lawyers for revolving loan providers who hold senior claims against Limetree Bay Services Ltd. said the proposed plan includes a $4.8 million cap on administrative claims against the debtor’s estate and that if those claims exceed that threshold, support for the plan will be drawn by the senior creditors.

Sean O’Neal of Cleary…

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