Vertex Energy Files For Chapter 11 Bankruptcy, Secures $80M Lifeline Financing
Portfolio Pulse from Lekha Gupta
Vertex Energy, Inc (NASDAQ:VTNR) has filed for Chapter 11 bankruptcy and secured $80 million in Debtor-In-Possession financing. The company aims to restructure and improve long-term value with the support of its lenders. VTNR shares fell 59.1% premarket.
September 25, 2024 | 10:58 am
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Vertex Energy has filed for Chapter 11 bankruptcy, securing $80M in financing to support restructuring. The company plans to operate normally while restructuring, aiming to confirm its plan by year-end. Shares dropped 59.1% premarket.
The filing for Chapter 11 bankruptcy and the significant drop in share price indicate a negative short-term impact on VTNR. The secured financing and restructuring plan aim to stabilize the company, but immediate investor sentiment is likely negative.
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