World News
Vertex Energy Files for Bankruptcy
US-based Vertex Energy has filed for bankruptcy in Texas.
The firm has commenced Chapter 11 cases in the US Bankruptcy Court for the Southern District of Texas, it said in a statement on its website on Tuesday.
The firm has arranged an $80 million debtor-in-possession financing facility to fund a restructuring process and allow it to continue normal operations in the meantime.
The company had paused renewable diesel output at its Mobile, Alabama refinery earlier this year, citing macroeconomic concerns.
"As we enter this next phase of our restructuring process through a formal proceeding, we are appreciative of the continued support from our lenders," Benjamin Cowart, CEO of Vertex, said in Tuesday's statement.
"Their confidence in our business, as demonstrated by this ongoing collaboration, reinforces the critical role Vertex plays in the specialty refinery space.
"We want to thank our employees for continuing to be fully engaged as we go through this process and prioritizing safety and customer satisfaction above all else.
"Together with our lenders, we feel confident this decision provides the best pathway toward future success."
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