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Vertex Energy has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy with a significantly improved financial position. The company secured up to $100 million in exit financing, including $40 million initial borrowings, and achieved deleveraging of approximately $320 million of prepetition debt.
Following the restructuring, Vertex will operate as a privately-held company under the ownership of certain lenders, including funds managed by BlackRock Financial Management, Highbridge Capital Management, Whitebox Advisors, and CrowdOut Capital. The company announced leadership changes, with Mark Smith appointed as the new CEO, replacing Benjamin P. Cowart. A new five-member Board of Directors was also established, with Eugene Davis as Chairman.
Vertex Energy (OTCPK:VTNRQ) has successfully started up the Mobile Refinery hydrocracker in conventional service, marking the beginning of higher-value finished product production for Q4 2024. The reconversion project, completed on time and budget with zero OSHA recordable injuries, was executed as part of a planned catalyst and maintenance turnaround.
In conventional service, the hydrocracker uses vacuum gas oil (VGO) as feedstock to produce additional volumes of higher-value refined products, including gasoline and diesel. The Mobile Refinery has maintained its renewable fuels production capabilities for potential future market demands.
Benjamin P. Cowart, President and CEO of Vertex Energy, emphasized the team's operational excellence in safely redeploying the asset while preserving future renewable optionality. The company's focus now shifts to further business optimization for sustained performance and long-term growth.
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