BOCA RATON, Fla.--(BUSINESS WIRE)--The settlement of a long-running dispute between members of the Boca Raton-based Sargeant family will allow the $100 million sale of a Corpus Christi, Texas asphalt refinery to proceed in bankruptcy court. The comprehensive settlement, announced last week in the Chapter 11 bankruptcy case of Trigeant and certain of its affiliates, allows the sale to proceed to a unit of Houston-based oil processor Gravity Midstream LLC, and resolves all the pending litigation among the family members in the bankruptcy court and other federal and state courts in Florida and Texas.
“I am pleased with and support this agreement that will permit the sale of the refinery to Gravity to proceed, and that resolves all of our disputes,” said Harry Sargeant III. Under an amended Chapter 11 plan to be filed in the bankruptcy court this week with the support of Mr. Sargeant, creditors of Trigeant, Ltd., will be paid in full upon determination that their claims are allowed. The bankruptcy court will be asked to approve the plan at a hearing on May 4, 2015.
Dan Sargeant, one of the other Sargeant family members who own and control Trigeant said, “We are pleased to have resolved these matters, and especially, that all approved claims in the Trigeant bankruptcy estate will be paid 100%. We wish Gravity the best of luck with the refinery.”