Jonathan Randles of Bloomberg reports that oil refiner Vertex Energy has filed for bankruptcy and is exploring a sale. He writes:
Publicly traded oil refiner Vertex Energy Inc. filed bankruptcy to implement a lender-backed plan to either sell its assets or restructure its balance sheet.
Vertex Energy sought court protection late Tuesday in Texas, listing more than $772 million in assets and $642.8 million in debt on its Chapter 11 petition. The company’s shares have been declining for months and were trading at about 14 cents on Wednesday.
The company said it will explore a potential recapitalization of Vertex Energy’s balance sheet with the support of its lenders. But Vertex said in court papers that it first will first seek offers for its assets. […]
Houston-based Vertex Energy has multiple business segments. The company owns and operates an oil refinery outside of Mobile, Alabama and converted a section of the refinery last year to produce renewable diesel fuel, according to court documents. Vertex also supplies used motor oil to firms in the Gulf Coast region. […]
The case is Vertex Energy Inc., number 24-90507, in the US Bankruptcy Court for the Southern District of Texas.
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