Vertex Energy commences Chapter 11 restructuring with USD80M financing

Vertex Energy, Inc. has announced the start of a formal restructuring process under Chapter 11 of the United States Bankruptcy Code. The company has entered into a Restructuring Support Agreement (RSA) with its lenders, securing USD80 million in Debtor-in-Possession (DIP) financing to support daily operations during the restructuring phase.

The restructuring is intended to provide Vertex Energy with a sustainable capital structure while exploring options for a value-maximising sale transaction. Despite the challenges, Vertex’s leadership remains confident in the company’s ability to emerge stronger. Benjamin P. Cowart, president and CEO, expressed gratitude for the continued support from lenders and emphasised the company’s commitment to long-term success.

Chief Restructuring Officer Seth Bullock added that the RSA allows Vertex to focus on strengthening its operations and improving long-term value.