Fuel refiner Vertex Energy Files for Bankruptcy protection, citing $422.5 million in debt. The Houston-based company made the filing late Tuesday, announcing a prenegotiated restructuring agreement with its term lenders. Vertex plans to pursue a sale as part of its strategy to restructure its business after renewable fuels investments fell short of expectations.
Restructuring Plan and Lender Support
Vertex Energy’s restructuring plan includes $280 million in Chapter 11 financing from its term lenders. The financing package consists of $80 million in new funding and a $200 million rollup of existing debt. Chief Restructuring Officer Seth Bullock expressed optimism about the agreement, stating that it would provide a “fresh start” for the company and position it for future growth.
Vertex Energy Files for Bankruptcy : Legal and Financial Advisors
Vertex Energy has retained Perella Weinberg Partners as its investment banker and Alvarez & Marsal as financial adviser. Legal representation is being provided by Bracewell LLP and Kirkland & Ellis LLP.
