The shuttered Limetree Bay refinery in the U.S. Virgin Islands received a $20 million stalking horse bid from a company looking to restart the facility, according to a Sunday court filing in a Texas bankruptcy court, Reuters reported. The refinery, which had been shut for nearly a decade, reopened earlier this year under the ownership of private equity firms EIG and ArcLight Capital after investors poured $4.1 billion into reviving it. The investors wanted to restart the facility to produce 210,000 barrels a day of gasoline and other fuels. Its planned restart was delayed for more than a year, and it operated for only a few months before U.S. regulators shut it down after its stacks spewed oil on homes and contaminated drinking water. St. Croix Energy LLLC has been named the stalking horse bidder for the facility and is currently the only qualified bidder, according to the filing in U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. The auction is set for Monday but Limetree’s general counsel proposed on Sunday it be extended to later in the week.
