monthly operating report chapter 11

UST Form 11-MOR (06/07/2021) 1

UNITED STATES BANKRUPTCY COURTDISTRICT OFSOUTHERN TEXAS

HOUSTON DIVISION

In Re. LIMETREE BAY REFINING MARKETING LLC

Debtor(s)

§ § § §

Case No. 21-32356

Lead Case No. 21-32351

Jointly Administered

Monthly Operating Report Chapter 11

Reporting Period Ended: 08/31/2021 Petition Date: 07/12/2021

Months Pending: 2 Industry Classification: 3 2 4 1

Reporting Method: Accrual Basis Cash Basis

Debtor's Full-Time Employees (current): 0

Debtor's Full-Time Employees (as of date of order for relief): 0

Supporting Documentation (check all that are attached):

(For jointly administered debtors, any required schedules must be provided on a non-consolidated basis for each debtor)

Statement of cash receipts and disbursementsBalance sheet containing the summary and detail of the assets, liabilities and equity (net worth) or deficit Statement of operations (profit or loss statement)Accounts receivable agingPostpetition liabilities agingStatement of capital assetsSchedule of payments to professionalsSchedule of payments to insidersAll bank statements and bank reconciliations for the reporting period Description of the assets sold or transferred and the terms of the sale or transfer

Signature of Responsible Party Printed Name of Responsible Party

Date

Address

/s/ Elizabeth A. Green

10/01/2021

Elizabeth A. Green

200 S. Orange Avenue SunTrust Center, Suite 2300 Orlando, FL 32801

STATEMENT: This Periodic Report is associated with an open bankruptcy case; therefore, Paperwork Reduction Act exemption 5 C.F.R. § 1320.4(a)(2) applies.

Case 21-32351 Document 647 Filed in TXSB on 10/06/21 of 4

UST Form 11-MOR (06/07/2021) 2

Debtor's Name LIMETREE BAY REFINING MARKETING LLC Case No. 21-32356

Part 1: Cash Receipts and Disbursements Current Month Cumulative

a. Cash balance beginning of month $1,061

b. Total receipts (net of transfers between accounts) $120,261 $-928,760

c. Total disbursements (net of transfers between accounts) $78,911 $198,121

d. Cash balance end of month (a+b-c) $42,411

e. Disbursements made by third party for the benefit of the estate $0 $0

f. Total disbursements for quarterly fee calculation (c+e) $78,911 $198,121

Part 2: Asset and Liability Status Current Month(Not generally applicable to Individual Debtors. See Instructions.)a. Accounts receivable (total net of allowance) $199,810,108

b. Accounts receivable over 90 days outstanding (net of allowance) $43,265,129

c. Inventory ( (attach explanation))Book Market Other $207,903,573

d Total current assets $408,495,828

e. Total assets $450,260,589

f. Postpetition payables (excluding taxes) $4,264,288

g. Postpetition payables past due (excluding taxes) $4,264,288

h. Postpetition taxes payable $0

i. Postpetition taxes past due $0

j. Total postpetition debt (f+h) $4,264,288

k. Prepetition secured debt $1,056,353,789

l. Prepetition priority debt $0

m. Prepetition unsecured debt $198,765,709

n. Total liabilities (debt) (j+k+l+m) $1,259,383,786

o. Ending equity/net worth (e-n) $-809,123,197

Part 3: Assets Sold or Transferred Current Month Cumulative

a. Total cash sales price for assets sold/transferred outside the ordinary course of business $0 $0

b. Total payments to third parties incident to assets being sold/transferred outside the ordinary course of business $0 $0

c. Net cash proceeds from assets sold/transferred outside the ordinary course of business (a-b) $0 $0

Part 4: Income Statement (Statement of Operations) Current Month Cumulative(Not generally applicable to Individual Debtors. See Instructions.)

a. Gross income/sales (net of returns and allowances) $159,563

b. Cost of goods sold (inclusive of depreciation, if applicable) $2,533,675

c. Gross profit (a-b) $-2,374,112

d. Selling expenses $9,051,279

e. General and administrative expenses $133,899

f. Other expenses $0

g. Depreciation and/or amortization (not included in 4b) $0

h. Interest $3,193,654

i. Taxes (local, state, and federal) $0

j. Reorganization items $0

k. Profit (loss) $-14,772,944 $-7,152,707


UST Form 11-MOR (06/07/2021) 3


Part 5: Professional Fees and Expenses

Approved

Current MonthApproved

CumulativePaid Current

MonthPaid

Cumulative

a. Debtor's professional fees & expenses (bankruptcy) Aggregate Total

Itemized Breakdown by Firm

Firm Name Role

i

ii

Approved

Current MonthApproved

CumulativePaid Current

MonthPaid

Cumulative

b. Debtor's professional fees & expenses (nonbankruptcy) Aggregate Total

Itemized Breakdown by Firm

Firm Name Role

i

ii

c. All professional fees and expenses (debtor & committees)

Part 6: Postpetition Taxes Current Month Cumulative

a. Postpetition income taxes accrued (local, state, and federal) $0 $0

b. Postpetition income taxes paid (local, state, and federal) $0 $0

c. Postpetition employer payroll taxes accrued $0 $0

d. Postpetition employer payroll taxes paid $0 $0

e. Postpetition property taxes paid $0 $0

f. Postpetition other taxes accrued (local, state, and federal) $0 $0

g. Postpetition other taxes paid (local, state, and federal) $0 $0

Part 7: Questionnaire - During this reporting period:

a. Were any payments made on prepetition debt? (if yes, see Instructions) Yes No

b. Yes NoWere any payments made outside the ordinary course of business without court approval? (if yes, see Instructions)

c. Yes NoWere any payments made to or on behalf of insiders?

d. Yes NoAre you current on postpetition tax return filings?

e. Yes NoAre you current on postpetition estimated tax payments?

f. Were all trust fund taxes remitted on a current basis? Yes No

g. Yes NoWas there any postpetition borrowing, other than trade credit? (if yes, see Instructions)

h. Were all payments made to or on behalf of professionals approved by the court?

Yes No N/A

i. Do you have: Worker's compensation insurance? Yes No

If yes, are your premiums current? Yes No N/A (if no, see Instructions)

Casualty/property insurance? Yes No


General liability insurance? Yes No


j. Has a plan of reorganization been filed with the court? Yes No


UST Form 11-MOR (06/07/2021) 4


k. Has a disclosure statement been filed with the court? Yes No

l. Are you current with quarterly U.S. Trustee fees as set forth under 28 U.S.C. § 1930?

Yes No

Part 8: Individual Chapter 11 Debtors (Only)

a. Gross income (receipts) from salary and wages $0

b. Gross income (receipts) from self-employment $0

c. Gross income from all other sources $0

d. Total income in the reporting period (a+b+c) $0

e. Payroll deductions $0

f. Self-employment related expenses $0

g. Living expenses $0

h. All other expenses $0

i. Total expenses in the reporting period (e+f+g+h) $0

j. Difference between total income and total expenses (d-i) $0

k. List the total amount of all postpetition debts that are past due $0

l. Are you required to pay any Domestic Support Obligations as defined by 11 U.S.C § 101(14A)?

Yes No

m. Yes No N/AIf yes, have you made all Domestic Support Obligation payments?

Privacy Act Statement 28 U.S.C. § 589b authorizes the collection of this information, and provision of this information is mandatory under 11 U.S.C. §§ 704, 1106, and 1107. The United States Trustee will use this information to calculate statutory fee assessments under 28 U.S.C. § 1930(a)(6). The United States Trustee will also use this information to evaluate a chapter 11 debtor's progress through the bankruptcy system, including the likelihood of a plan of reorganization being confirmed and whether the case is being prosecuted in good faith. This information may be disclosed to a bankruptcy trustee or examiner when the information is needed to perform the trustee's or examiner's duties or to the appropriate federal, state, local, regulatory, tribal, or foreign law enforcement agency when the information indicates a violation or potential violation of law. Other disclosures may be made for routine purposes. For a discussion of the types of routine disclosures that may be made, you may consult the Executive Office for United States Trustee's systems of records notice, UST-001, "Bankruptcy Case Files and Associated Records." See 71 Fed. Reg. 59,818 et seq. (Oct. 11, 2006). A copy of the notice may be obtained at the following link: http://www.justice.gov/ust/eo/rules_regulations/index.htm. Failure to provide this information could result in the dismissal or conversion of your bankruptcy case or other action by the United States Trustee. 11 U.S.C. § 1112(b)(4)(F). I declare under penalty of perjury that the foregoing Monthly Operating Report and its supporting documentation are true and correct and that I have been authorized to sign this report on behalf of the estate.

Mark Shapiro

Signature of Responsible Party

Chief Restructuring Officer

Printed Name of Responsible Party

10/01/2021

DateTitle

Mark Shapiro, Chief Restructuring Officer


CASE NAME: Limetree Bay Refining Marketing, LLCCASE NUMBER: 21-32356 (Jointly Administered under Lead Case No.: 21-32351)

General:

August 1-31, 2021 Monthly Operating Report:

Reservation of Rights: Given the complexity of the Debtors’ business, inadvertent errors, omissions or over inclusions may have occurred. Accordingly, the Debtors hereby reserve all of their rights to dispute the validity, status, enforceability, or executory nature of any claim amount, representation or other statement in this MOR and reserve the right to amend or supplement this MOR, if necessary, but shall be under no obligation to do so.

(1) The Reporting Period for this MOR is August 1-31, 2021, and the financial statements referenced herein cover the same time period.

(2) The Financial Statements are reported on an Accrual Basis. Cash Receipts & Disbursements are reported on a Cash Basis.

(3) The CRO, Mark Shapiro, has signed this MOR. Mr. Shapiro is an authorized signatory for the Debtor. In reviewing and signing the MOR, Mr. Shapiro has relied upon the efforts, statements and representations of various personnel employed by the Debtor and the Debtor’s advisors. Mr. Shapiro has not (and could not have) personally verified the accuracy of each statement and representation contained in the MOR, including statements and representations concerning amounts owed to creditors, classification of such amounts, and other attached information.

Notes to the Monthly Operating Report

On July 12, 2021 (the "Petition Date"), Limetree Bay Services, LLC ("Limetree") filed a voluntary petition with the United States Bankruptcy Court under Chapter 11 of the Bankruptcy Code [Case No.: 21-32351], along with five (5) affiliated entities (Affiliated Entities"). The debtors in these Chapter 11 cases are (with the last four digits of their federal tax identification numbers in parentheses): Limetree Bay Services, LLC (1866); Limetree Bay Refining Holdings, LLC (1776); Limetree Bay Refining Holdings II, LLC (1815); Limetree Bay Refining, LLC (8671); Limetree Bay Refining Operating, LLC (9067); and Limetree Bay Refining Marketing, LLC (9222); (collectively, the "Debtors" or "Jointly Administered Debtors"). The bankruptcy filings of Limetree and the Affiliated Entities are jointly administered under Case No. 21-32351.

On or about June 17, 2021, the Jointly Administered Debtors retained B. Riley as chief restructuring officer ("CRO"). Mark Shapiro, as principal representative of B. Riley in its capacity, serves as CRO to the Jointly Administered Debtors.

Debtor-in-Possession Financial Statements - The accompanying schedules herein are unaudited, preliminary, and may not comply with generally accepted accounting principles in the United States of America ("U.S. GAAP") in all material respects.

The Monthly Operating Report ("MOR") is limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthlyreporting requirements of the Bankruptcy Court and the United States Trustee. The information presented herein has not been subjected to all procedures that would typically be applied to financial information presented in accordance with U.S. GAAP. Upon the application of such procedures, the financial information couldbe subject to changes, and these changes could be material. The information furnished in this MOR includes normal recurring adjustments, but does not include all of the adjustments that would typically be made for interim financial statements in accordance with U.S. GAAP.

(4) MOR Part 2, d - Total Current Assets includes Cash, Accounts Receivable, Inventory and Prepaid Expenses.

(5) MOR Part 2, e - Total Assets includes Current Assets, Fixed Assets, and Debt Issuance Costs.

(7) MOR Part 2, k-m - Amounts are per the Debtor's bankruptcy schedules and are subject to adjustment once the claims process has been completed by the CRO, which includes, but is not limited to, examining, determining the validity of and objecting to any disputed, contingent, unliquidated and filed claims.

D. Schedule of Insurance in effect as of August 31, 2021 for the Jointly Administered Debtors

(9) MOR Part 7, i - See attached the schedule of insurance in effect for the Jointly Administered Debtors.

Attachments to MOR:

A. Financial Statements

B. Statement of Cash Receipts and Disbursements

C. Bank Account Schedule, bank statements and bank reconciliations

(8) MOR Part 2, k-o - As of the time of this filing, the CRO has not determined with accuracy the amount of the secured and unsecured debt, both of which are components of ending net equity/net worth. Accordingly, the CRO makes no representations regarding the accuracy of the form-calculated net equity/net worth of the Debtor.

(6) MOR Part 2, f - Post-Petition Payables (excluding taxes) is comprised of Trade Payables. The net increase in total liabilities from the previous reporting period is $12,306,551.31.

Case 21-32351 Document 647-1 Filed in TXSB on 10/06/21 Page 1 of 1

STATEMENT OF CASH RECEIPTS AND DISBURSEMENTSFOR THE PERIOD BEGINNING August 1, 2021 AND ENDING August 31,2021

Name of Debtor: Limetree Bay Refining Marketing, LLC Case Number: 21-32356Date of Petition: July 12, 2021

CURRENT CUMULATIVEMONTH PETITION TO DATE

1. FUNDS AT BEGINNING OF PERIOD 1,061.03$ 1,169,291.77$

2. RECEIPTS:A. Cash Sales - -

Minus: Cash Refunds - - Net Cash Sales - -

B. Accounts Receivable 120,250.00 2,970,729.00 C. Other Receipts 10.71 (3,899,489.29) (If you receive rental income, you must attach a rent roll)

3. TOTAL RECEIPTS (Lines 2A+2B+2C) 120,260.71 (928,760.29) 4. TOTAL FUNDS AVAILABLE FOR OPERATIONS (Line 1 + Line 3) 121,321.74 240,531.48

5. DISBURSEMENTSA. Advertising - - B. Bank Charges & Fees 142.03 447.06 C. Contract Labor - - D. Fixed Asset Payments (not incl. in "N") - - E. Insurance 78,768.79 78,768.79 F. Inventory Payments - - G. Leases & Contracts - - H. Manufacturing Supplies - - I. Office Supplies - - J. Payroll - - K. Professional Fees (Accounting & Legal) - - L. Rent - - M. Repairs & Maintenance - - N. Secured Creditor Payments - 118,904.71 O. Taxes Paid - Payroll - - P. Taxes Paid - Sales & Use - - Q. Taxes Paid - Other - - R. Telephone - - S. Travel & Entertainment - - T. U.S. Trustee - - U. Utilities - - V. Vehicle Expenses - - W. Other Operating Expenses - -

6. TOTAL DISBURSEMENTS (Sum of 5A thru W) 78,910.82 198,120.56 7. ENDING BALANCE (Line 4 Minus Line 6) 42,410.92$ 42,410.92$


Current Month

-$ 10.71

- - - - - - - - - - -

10.71$

Current Month-$ - - - - - - - - - -

- - -$

-

-

Description

- -

Petition to Date

- - -

-

-

- (3,899,500.00)$

-

- - -

- - - -

Transfer to/from Limetree Bay Refining, LLC (3,899,500.00)$ Dividends -

-

STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS (CONT'D.)

Detail of Other Receipts and Other Disbursements

OTHER RECEIPTS:Describe Each Item of Other Receipt and List Amount of Receipt.

DescriptionCumulative

Petition to Date

Describe Each Item of Other Disbursement and List Amount of Disbursement.

Purpose Repayment Schedule

OTHER DISBURSEMENTS:

Loan Amount

"Other Receipts" includes Loans from Insiders and other sources (i.e. Officer/Owner, related parties directors, related corporations, etc.). Please describe below:

Sourceof Funds

Cumulative

-$

- -

-

-

-


Limetree Bay Refining Marketing, LLC

Balance Sheet

August 31, 2021

8/31/2021

TOTAL ASSETS⠀0000110250 REVENUE ACCOUNT - DEUTSCHE BANK - SE1972.1 969.420000110260 O & M ACCOUNT - DEUTSCHE BANK - SE1972.2 1.490000110800 LBRM OPERATING ACCOUNT - ORIENTAL - 92040986 41,440.01*CASH & CASH EQUIVALENTS 42,410.92

0000120001 A/R TRADE RECEIVABLE RECONCILIATION 165,733,843.880000120205 Accounts Receivable - BP 1,849,172.63ACCOUNTS RECEIVABLE, TRADE 167,583,016.51*ACCOUNTS RECEIVABLE, NET 167,583,016.51

0000150500 Intercompany A/R 32,227,091.00*ACCOUNTS RECEIVABLE - AFFILIATE 32,227,091.00

0000190105 Initial and Ramp-up Margin 48,582,646.700000190106 J Aron Inventory Financing Netting (48,582,646.70)*RECEIVABLE UNDER INVEN FINANCING ARRANGEMENT 0.00

0000130320 Inventory - Crude - Product Costs 148,815,906.120000130330 Inventory - Distillate - Product Costs 16,991,353.540000130340 Inventory - Fuel Oil - Product Costs 5,663,869.930000130360 Inventory - Heavy Naphtha - Product Costs 25,502,091.670000130370 Inventory - Intermediates - Product Costs 7,434,330.830000130380 Inventory - Light Naphtha - Product Costs 230,998.450000130390 Inventory - LPG - Product Costs 1,229,057.410000130405 Inventory - Slop - Product Costs (0.64)0000130415 Inventory - VGO - Product Costs 1,355,878.180000130440 Inventory - ULSD 680,087.67*INVENTORY 207,903,573.16

0000140023 PPD INSURANCE - STOCK THROUGHPUT PROPERTY 485,624.99PREPAID INSURANCE 485,624.99

0000140110 PPD SUNDRY 94,548.51PREPAID OTHER 94,548.51*PREPAID EXPENSES AND OTHER 580,173.50

**TOTAL CURRENT ASSETS 408,336,265.09

0000160250 FIXED ASSETS - NON RECONCILIATION 36,834,513.36OTHER 36,834,513.36

PP&E - GROSS 36,834,513.36PROPERTY, PLANT & EQUIPMENT, NET 36,834,513.36*TOTAL PROPERTY, PLANT AND EQUIPMENT, NET 36,834,513.36



Balance Sheet

August 31, 2021

8/31/2021

0000190100 Debt Issuance Costs - IM 4,930,248.11OTHER ASSETS 4,930,248.11

*OTHER ASSETS 4,930,248.11

**TOTAL NON-CURRENT ASSETS 41,764,761.47

**** TOTAL ASSETS 450,101,026.56

===================================TOTAL LIABILITIES AND MEMBERS' EQUITY⠀TOTAL LIABILITIES⠀0000200010 A/P TRADE RECONCILIATION (43,012,993.94)0000200099 AP - OTHER 15,450,507.060000200200 Accounts Payable - Aron (912,708.91)0000200205 Accounts Payable - BP (1,838,548.54)

*ACCOUNTS PAYABLE TRADE(1) (30,313,744.33)

0000235500 Intercompany A/P (148,830,504.45)*AFFILIATE PAYABLE, NET (148,830,504.45)

0000231510 ACCRUED INTEREST-DEBT (602,777.78)*ACCRUED INTEREST (602,777.78)

0000200023 GR/IR PRODUCT (MANUAL) 0.000000200040 VOUCHER ACCRUALS (44,470,786.30)0000235305 Interest Payable - Precious Catalyst Advance 0.03*ACCRUED LIABILITIES (44,470,786.27)

0000235230 Degradation Value Payable - Base Catalyst Advance (15,256,127.32)0000235247 DEBT ISSUANCE COSTS - BASE CATALYSTS - CURRENT 507,553.85BASE CATALYST ADVANCE-CURRENT (14,748,573.47)

0000235225 Degradation Value Payable - Precious Catalyst Adv (9,712,627.66)0000235246 DEBT ISSUANCE COSTS - PRECIOUS CATALYSTS - CURREN 507,553.84PRECIOUS CATALYST ADVANCE-CURRENT (9,205,073.82)

ACCRUED OTHER INSURANCE PREMIUMS 0.000000235030 ACCRUED OTHER INSURANCE (390,916.98)

OTHER LONG TERM DEBT-CURRENT PORTION (24,344,564.27)

*CURRENT PORTION OF LONG-TERM DEBT (24,344,564.27)

0000235400 Aron Obligation (221,952,054.06)0000235406 J Aron Inventory Financing Netting 48,582,646.70*OBLIGATION UNDER INVEN FINANCING ARRANGEMENT (173,369,407.36)**TOTAL CURRENT LIABILITIES (421,931,784.46)



Balance Sheet

August 31, 2021

8/31/2021

0000260080 SENIOR SECURED CREDIT FACILITIES - 2018 (50,000,000.00)SENIOR SECURED CREDIT FACILITIES-2018 (50,000,000.00)

SENIOR SECURED CREDIT FACILITIES (50,000,000.00)OTHER LONG TERM DEBT (50,000,000.00)

*LONG-TERM DEBT, NET CRRNT PRTN & ISSNCE CST (50,000,000.00)

**TOTAL NON-CURRENT LIABILITIES (50,000,000.00)

*** TOTAL LIABILITIES (471,931,784.46)

TOTAL MEMBERS' EQUITY⠀⠀0000320100 Equity - LBR (754,975.47)*MEMBERS' ADDITIONAL INVESTMENT (754,975.47)**MEMBERS' EQUITY (754,975.47)

0000380020 RETAINED EARNINGS 50,157,292.40**RETAINED EARNINGS / ACCUMULATED DEFICIT 50,157,292.40

**PROFIT/LOSS IN CURRENT YEAR (27,571,559.03)

22,585,733.37*** TOTAL MEMBERS' EQUITY 21,830,757.90

**** TOTAL LIABILITIES & MEMBERS' EQUITY (450,101,026.56)

Notes:(1) Accounts payable includes an expected insurance refund for $159,562.50. On the MOR, the expected insurance refund is reflected in Total Current Assets.


Limetree Bay Refining Marketing, LLCIncome StatementFor the month ending August 31, 2021

August 1-31, 2021Unaudited

INCOME STATEMENT⠀0000400010 SALES THIRD PARTY-PETROLEUM PRODUCTS 0.00*REFINERY REVENUES 0.00**TOTAL REVENUES 0.00

0000520100 INVENTORY MOVE PRICE DIFFERENCE 0.000000520130 OTHER COST OF SALES 2,553,674.750000520160 VESSEL DEMURRAGE 0.00**COST OF GOODS SOLD 2,553,674.75

0000607020 TRAVEL AND LODGING 0.00MEALS & ENTERTAINMENT 0.00

0000601078 SAFETY EXPENSE 0.00OTHER 0.00

EMPLOYEE EXPENSES 0.00

0000603011 CONSULTING FEES - NON-OPERATING (11,167.00)CONSULTING FEES (11,167.00)

0000603012 ENGINEERING FEES 25,507.76ENGINEERING FEES 25,507.76

0000603030 INSPECTION FEES-QUANTITY (182,821.00)0000603031 INSPECTION FEES-QUALITY 762,216.13INSPECTION FEES 579,395.13

PROFESSIONAL FEES 593,735.89

0000608015 POWER PLANT FUEL - EXTERNAL 1,121,467.13FUEL EXPENSE 1,121,467.13

0000602017 SPILL CLEAN UP (4,800.00)ENVIRONMENTAL (4,800.00)

0000603020 PINNACLE - REPAIRS & MAINTENANCE (2,225.74)0000606030 REPAIR & MAINTENANCE - GENERAL 0.000000606034 R&M - Fixed Equipment Work 0.000000606035 R&M – Instrument, Electrical and Analyzer Work 0.000000606036 R&M – Rotating Equipment 0.000000606037 R&M – Scaffold, Asbestos, Insulation and Painting 0.000000606039 R&M – Maintenance Support Services, Other 350.00REPAIRS AND MAINTENANCE (1,875.74)




0000608043 TELECOMMUNICATIONS EXP-CELLULAR 0.00COMMUNICATION EXPENSES 0.00

0000604011 HARDWARE - DESKTOP PURCHASES 0.000000604037 SOFTWARE - NETWORK MAINTENANCE 138,390.00IT EXPENSES 138,390.00

COMMUNICATIONS AND IT EXPENSES 138,390.00

0000602041 PINNACLE - NON REPAIRS & MAINTENANCE 0.00CONTRACTOR OVERHEAD 0.00

0000602060 WASTE DISPOSAL - NON-ENVIRONMENTAL 58,280.000000602061 WASTE DISPOSAL - RECYCLING 220,029.000000602065 OUTSIDE LABOR/SERVICES - HOURLY 0.000000602080 TEMPORARY OUTSIDE LABOR / SERVICES 30,267.350000602090 CONTRACT SERVICES - LUMP SUM 1,071.000000602091 WASTE WATER TREATMENT PLANT - OUTSIDE CONTRACTORS 162,008.70OUTSIDE SERVICES 471,656.05

0000608030 UTILITY EXPENSE - WATER 168,410.78UTILITIES 168,410.78

0000613030 RENTS OFFICE & REAL ESTATE 3,058.750000613035 RENTALS-OTHER 5,199,968.70RENTAL EXPENSES 5,203,027.45

0000612025 LICENSES AND PERMITS-OTHER 0.000000612030 MEMBERSHIPS/DUES 0.000000612031 BOOKS/MANUALS/SUBSCRIPTIONS 0.00LICENSES, MEMBERSHIPS AND SUBSCRIPTIONS 0.00

0000605010 OFFICE SUPPLY 0.000000605011 POSTAGE 32.400000605020 OPERATING SUPPLY 105,181.660000605021 INVENTORY VARIANCES 92,416.400000606010 MAINTENANCE SUPPLIES (17,539.00)0000606013 R&M - OUTSIDE CONTRACTORS (NON-PINNACLE) 0.000000606019 EQUIPMENT RENTALS - MAINTENANCE 1,002,560.810000620010 FREIGHT EXPENSE 4,202.210000620020 AIR FREIGHT 7,614.880000620030 DEMURRAGE EXPENSE THIRD PARTY-NON ST&T 585.000000620040 FREIGHT EXPENSE ENVIRONMENTAL 0.000000620050 CUSTOMS & BROKERAGE CHARGES 5,350.000000620060 PRODUCT CONSUMED-GASOLINE & OIL (101,535.40)




0000620072 GAS & OIL CONSUMED-VEHICLES 0.000000630010 MARINE PRESERVATION / NATIONAL RESPONSE CORP 38,632.640000630020 CHEMICALS EXP 207,595.510000630030 CATALYST 16,170.000000630040 ADDITIVES EXPENSE 0.000000630070 MISC EXP - OPERATING EXPENSE 0.000000640000 SHARED SERVICES CLEARING 0.00OFFICE AND MISC OPERATING EXPENSES 1,361,267.11

0000640050 MISC EXP - NON OPERATING EXPENSE 0.00OTHER MISC O&M 0.00

OTHER O&M 8,457,542.78

OPERATING EXPENSES 9,051,278.67

0000814012 INS-ALL RISK PROPERTY 80,937.50PROPERTY 80,937.50

0000814050 INS-OTHER (120,250.00)OTHER (120,250.00)

INSURANCE (39,312.50)

0000803011 CONSULTING FEES 0.00CONSULTING FEES 0.00

0000803013 LEGAL FEES 0.00LEGAL FEES 0.00

PROFESSIONAL FEES 0.00

0000804034 SOFTWARE - DESKTOP MAINTENANCE 0.00IT EXPENSES 0.00

COMMUNICATIONS AND IT EXPENSES 0.00

0000808010 UTILITY EXPENSE-ELECTRICITY 0.00UTILITIES 0.00

0000812015 BANK CHARGES 142.03TAXES AND FEES 142.03




0000812031 BOOKS/MANUALS/SUBSCRIPTIONS 13,506.93LICENSES, MEMBERSHIPS AND SUBSCRIPTIONS 13,506.93

0000811017 COMMUNITY RELATIONS EVENTS 0.00CONTRIBUTIONS AND DONATIONS 0.00

0000805011 POSTAGE 0.000000830070 MISC EXPENSES - G&A 0.00OFFICE AND MISC OPERATING EXPENSES 0.00

OTHER O&M 13,648.96

GENERAL ADMINISTRATION EXPENSE (25,663.54)

0000440200 Realized (income) / loss - Market Structure Roll 0.000000440215 Realized (income) / loss - Other 0.000000440305 Unrealized MTM (income) loss – Step-out 0.000000645000 Other Income/Expense 0.00*MISC. OPERATING (INCOME) EXPENSE. 0.00

**TOTAL EXPENSES 9,025,615.13

***OPERATING INCOME (11,579,289.88)

0000818010 INTEREST EXPENSE 441,998.800000818020 INVESTMENT INTEREST INCOME (12.11)0000818030 Interest Expense - Base Catalyst Advance 169,184.640000818031 Interest Expense - Precious Catalyst Advance 169,184.640000818040 Interest Expense - IM Financing Fee 0.000000818041 Interest Expense - IM Intermediation Fee 2,413,298.18**INTEREST AND FINANCING EXPENSE 3,193,654.15

***TOTAL NON-OPERATING INCOME (EXPENSE): (14,772,944.03)

****NET INCOME (LOSS) (14,772,944.03)


LBRM

Limetree Bay Services, LLC et al., Case No.: 21-32351 (Jointly Administered)United States Bankruptcy CourtSouthern District of Texas (Houston)Limetree Bay Refining Marketing, LLCSchedule of Bank Accounts - As of August 31, 2021

Description Operating Account Revenue Account O&M Account Total - All Debtor Accounts

Account Name Limetree Bay Refining Marketing, LLC



Bank Name Oriental Bank Deutsche Bank Deutsche BankAccount Number - Last Four Digits 0986 972.1 972.2Beginning book balance (as of 08/01/21) $ 100.83 958.71$ 1.49$ 1,061.03$ Plus: Deposits 120,250.00 10.71 - 120,260.71 Subtotal 120,350.83 969.42 1.49 121,321.74

Less: Disbursements (78,910.82) - - (78,910.82) Transfers - - - - Other: - - - - Ending book balance (as of 08/31/21) 41,440.01$ 969.42$ 1.49$ 42,410.92$

B. Riley Advisory Services Page 1 of 1


LIMETREE BAY REFINING MARKETING, LLCLBRM Operating Account Oriental Bank - 110800OB 92040986August 2021

Date Amount

Opening Balance per Bank 7/31/2021 100.83$

Deposits 120,250.00$

ACH / Debits -$

Wires (78,768.79)$

Bank Charges (142.03)$

Dividends -$

Ending Balance per Bank 8/31/2021 41,440.01$

Opening Balance per Book 7/31/2021 100.83$

Deposits 120,250.00$

ACH / Debits -$

Wires (78,768.79)$

Bank Charges (142.03)$

Dividends -$

Ending Balance per Book 8/31/2021 41,440.01$

41,440.01$

Reconciled by George Southwell

Date: 9/1/2021

Approved by

Date:


LIMETREE BAY REFINING MARKETING, LLCRevenue Account Deutsche Bank - 110250SE1972.1August 2021

Date Amount


Deposits -$

ACH / Debits -$

Wires -$

Bank Charges -$

Dividends 10.71$

Ending Balance per Bank 8/31/2021 969.42$


Deposits -$

ACH / Debits -$

Wires -$

Bank Charges -$

Dividends 10.71$

Ending Balance per Book 8/31/2021 969.42$

969.42$


Date: 9/1/2021

Approved by

Date:


LIMETREE BAY REFINING MARKETING, LLCO & M Account Deutsche Bank - 110260SE1972.2August 2021

Date Amount


Deposits -$

ACH / Debits -$

Wires -$

Bank Charges -$

Dividends -$

Ending Balance per Bank 8/31/2021 1.49$


Deposits -$

ACH / Debits -$

Wires -$

Bank Charges -$

Dividends -$

Ending Balance per Book 8/31/2021 1.49$

1.49$


Date: 9/1/2021

Approved by

Date:


Limetree Bay Services, LLC et al., Case No.: 21-32351 (Jointly Administered)United States Bankruptcy CourtSouthern District of Texas (Houston)Schedule of Insurance Policies - As of August 31, 2021

Insured Insurer Type Coverage Amount Policy Number Expiration Date

Limetree Bay Refining, LLCAIG/National Union Fire Insurance Co Combined Property Primary $250M 026-1001312 2021.09.01

Limetree Bay Refining, LLCAllianz Global Risk US Insurance Company Combined Property Primary $1.25BN USN00023920 2021.12.01

Limetree Bay Refining, LLC Axis (Endorsement) Builder's Risk $50M EAU646295/01/2020 2021.12.01

Limetree Bay Refining, LLCBerkshire Hathaway/National Fire & Marine Ins Co Combined Property Primary $500M 92SRD102973 2021.09.01

Limetree Bay Refining, LLCBerkshire Hathaway/National Fire & Marine Ins Co Combined Property Primary $500M 42-PRP-312023-01 2021.09.01

Limetree Bay Refining, LLCCIN 318/Guardian General Insurance Combined Property $50M XS $50M BO509ENGAO2000576 2021.12.01

Limetree Bay Refining, LLC3 Convex Insurance UK Limited Combined Property

Primary $1.25BN (reduced to a limit of $250 million on August 20, 2021) B0509ENGAO2000069 2021.12.01

Limetree Bay Services, LLC Liberty Worker's Comp WCC-641-444917-020 2021.12.01

Limetree Bay Refining, LLCHannover Re/HDI Global Specialty SE Combined Property Primary $1.25BN B0509ENGAO2000069 2021.12.01

Limetree Bay Refining, LLC

Helvetia/Helvetia Swiss Insurance Co in Liechtenstein Ltd Combined Property Primary $1.25BN B0509ENGAO2000069 2021.12.01

Limetree Bay Refining, LLCHSIC/Houston Specialty Insurance Company Combined Property $150M XS 50M PRO440373 2021.12.01

Limetree Bay Refining, LLCLSM/Liberty Specialty Markets Agency Limited Combined Property $100M XS $100M LSMAEN143232A 2021.12.01

Limetree Bay Refining, LLCMunich Re/Great Lakes Insurance SE Combined Property Primary $1.25BN B0509ENGAO2000069 2021.12.01

Limetree Bay Refining, LLCPICC/Guardian General Insurance Combined Property $100M XS $100M DWF54020 2021.12.01

Limetree Bay Refining, LLC QBE/Lloyds of London Combined Property Primary $1.25BN B0509ENGAO2000069 2021.12.01

Limetree Bay Refining, LLCRokstone/Guardian General Insurance Combined Property $50M XS $50M BO509ENGAO2000576 2021.12.01

Limetree Bay Refining, LLCSCOR (3)/General Security Indemnity Company of Arizona Combined Property Primary $1.25BN FA007943720201 2021.09.01

Limetree Bay Refining, LLC Sompo/Lloyds of London Combined Property Primary $1.25BN B0509ENGAO2000069 2021.12.01





Limetree Bay Refining, LLCSwiss Re/Westport Insurance Company Combined Property Primary $500M OMP 2000425-00 2021.12.01

Limetree Bay Refining, LLCValidus Specialty/Lloyds of London Combined Property Primary $250M AJH292893A20 2021.09.01

Limetree Bay Refining, LLC

Westchester Surplus Lines Ins Co/Starr Technical Risks Agency, Inc Combined Property Primary $500M EPRN18215263 2021.12.01

Limetree Bay Refining, LLCWRB/Guardian General Insurance Combined Property $50M XS $50M DWF54020 2021.12.01

Limetree Bay Refining, LLCZurich/Zurich American Insurance Company Combined Property Primary $100M OGR 1296457-00 2021.12.01

Limetree Bay Refining, LLC Arcadian/Ark/Helix Bermuda Builder's Risk $25M xs $100M NAMBM2100005 2022.06.01

Limetree Bay Refining, LLC AllianzRefinery Excess Liability $15M xs $53M USL00880520 2021.12.01

Limetree Bay Refining, LLC AllianzEnvironmental Liability $15M xs $85M USL00873320 2021.12.01

Limetree Bay Refining, LLC LibertyRefinery Primary Liability AS6-641-444917-010 2021.12.01

Limetree Bay Refining, LLC Travelers SyndicateRefinery Primary Liability ENCAS2000012 2021.12.01

Limetree Bay Refining, LLC Chaucer/ApolloRefinery Excess Liability $15M ENCAS2000011 2021.12.01

Limetree Bay Refining, LLC WestchesterRefinery Excess Liability $3M xs $25M G71809808001 2021.12.01

Limetree Bay Refining, LLC IronshoreRefinery Excess Liability $25M xs $28M 4380100 2021.12.01

Limetree Bay Refining, LLC ChaucerRefinery Excess Liability $11M po $22M xs $68M ENCAS2000020 2021.12.01

Limetree Bay Refining, LLC Lex-LondonRefinery Excess Liability $11M po $22M xs $68M 62785689 2021.12.01

Limetree Bay Refining, LLC OSLRefinery Excess Liability $10M xs $90M EXS-154724-00 2021.12.01

Limetree Bay Refining, LLC AXA XL BermudaRefinery Excess Liability $25M xs $125M XLUMB-229978 2021.12.01

Limetree Bay Refining, LLC OCIL BermudaRefinery Excess Liability $25M po $40M xs $150M U920968-0620 2021.12.01

Limetree Bay Refining, LLC Sompo BermudaRefinery Excess Liability $15M po $40M xs $150M EXC30001524800 2021.12.01

Limetree Bay Refining, LLC Argo BermudaRefinery Excess Liability $15M po $50M xs $190M ARGO-CAS-OR-001484 2021.12.01





Limetree Bay Refining, LLC Arch BermudaRefinery Excess Liability $15M po $50M xs $190M URP0065257-00 2021.12.01

Limetree Bay Refining, LLC Markel BermudaRefinery Excess Liability $12.5M po $50M xs $190M 1454233-11636-UMB-2020 2021.12.01

Limetree Bay Refining, LLC Hamilton BermudaRefinery Excess Liability $7.5M po $50M xs $190M CX20-9216 2021.12.01

Limetree Bay Refining, LLC Chubb BermudaRefinery Excess Liability $15M po $30M xs $240M LBR-2144/XS004 2021.12.01

Limetree Bay Refining, LLC Liberty BermudaRefinery Excess Liability $15M po $30M xs $240M LSMAEC119907A 2021.12.01

Limetree Bay Refining, LLC Lloyd's UnderwritersEnvironmental Liability $1M ENVP0000296-20 2021.12.01

Limetree Bay Refining, LLC Lloyd's UnderwritersEnvironmental Liability $9M xs $1M ENVX0000256-20 2021.12.01

Limetree Bay Refining, LLC IronshoreEnvironmental Liability $25M xs $10M 262704 2021.12.01

Limetree Bay Refining, LLC AscotEnvironmental Liability $25M xs $35M ENXP2110000428-01 2021.12.01

Limetree Bay Refining, LLC MarkelEnvironmental Liability $25M xs $60M MKLV4EFX102259 2021.12.01

Limetree Bay Refining, LLC Federal Insurance Company Executive Risk $5M 8261-8347 2022.04.20Limetree Bay Refining, LLC Starr Indemnity & Liability Executive Risk $5M 1000623319211 2022.04.20Limetree Bay Refining, LLC Wesco Insurance Company Executive Risk $5M EUW1909831 00 2022.04.20

Limetree Bay Refining, LLC Starr Indemnity & Liability Executive Risk $5M 1000622392201 2027.04.20Limetree Bay Refining, LLC Federal Insurance Company Executive Risk $5M 8247-1536 2027.04.20Limetree Bay Refining, LLC First Liberty Insurance Co Auto Liability $2M AS6-641-444917-010 2021.12.01

Notes:(1) As of August 31, 2021, insurance premiums are paid in full except for the items discussed in footnotes 2, 3 and 4.(2) The auto liability policy will be audited during December 2021. A premium will be due for autos assigned to LBR for the period from June 1, 2021 through December 31, 2021

(4) Premium obligations outstanding as of August 31, 2021 for LBR are as follows: a. PFA Loan 2055: Balance due for $266,145 b. PFA Loan 2303: Balance due for $536,580

(3) Audit premiums are expected to be invoiced for non-current insurance policies including the Builders All Risk policy and OCIP. As of the filing of the monthly operating report, the audit amounts have not been determined.



monthly operating report chapter 11

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