Bankruptcy: Vertex Energy Inc.

Form Type: 15-12G

Filing Date: 2025-02-03

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000199937125001104

Filing Summary: Vertex Energy, Inc. has filed a Form 15 to terminate the registration of its common stock under Section 12(g) of the Securities Exchange Act of 1934. This action follows the company's emergence from bankruptcy on January 21, 2025, in accordance with a Second Amended Joint Chapter 11 Plan approved by the United States Bankruptcy Court on December 20, 2024. The bankruptcy plan resulted in the cancellation and release of all previously outstanding shares of the Company’s common stock, which are now considered null and void. The filing is intended to suspend all reporting obligations under Sections 13(a) and 15(d) related to the Common Stock as of the effective date.

Form Type: 8-K

Filing Date: 2025-01-22

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000199937125000518

Filing Summary: On January 21, 2025, Vertex Energy, Inc. emerged from Chapter 11 bankruptcy in accordance with the confirmed Second Amended Joint Chapter 11 Plan. As part of the reorganization, all previously existing common stock and warrants were canceled. The new structure included the issuance of 4,500,000 shares of new common stock to holders of Allowed DIP Claims and Allowed Term Loan Claims, representing 100% of the voting securities of the reorganized entity. Effective January 21, 2025, a new term loan facility was initiated, amounting to $40 million initially, with provisions for additional loans up to $100 million. This financing aims to cover expenses incurred during the transition and provide working capital. The board of directors saw a complete change, with new members appointed post-emergence, and a new management incentive plan was set to further incentivize leadership within the restructured company.

Form Type: SCHEDULE 13D/A

Filing Date: 2025-01-22

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000114036125001649

Filing Summary: This Amendment No. 1 amends and supplements the Schedule 13D filed by the Reporting Persons on October 1, 2024. The document outlines significant developments related to the bankruptcy proceedings of Vertex Energy Inc. The Chapter 11 cases were filed on September 24, 2024, and an accompanying Chapter 11 plan was submitted on December 20, 2024. The Bankruptcy Court confirmed the plan on the same date, and it became effective on January 21, 2025. Upon the plan's effectiveness, all shares of Common Stock, warrants, and other equity instruments previously outstanding were cancelled and deemed of no further effect. After these transactions, the Reporting Persons no longer beneficially own any shares of Common Stock, as they ceased to hold more than 5% of the total outstanding shares by January 21, 2025. Furthermore, the obligations under the Restructuring Support Agreement and DIP Loan Agreement were also cancelled on the effective date of the plan, leading to the termination of any potential group status among the Reporting Persons and associated parties.

Form Type: 8-K

Filing Date: 2025-01-21

Corporate Action: Bankruptcy

Type: New

Accession Number: 000199937125000470

Filing Summary: On January 21, 2025, Vertex Energy, Inc. reported that the company and its subsidiaries filed voluntary petitions for Chapter 11 bankruptcy relief on September 24, 2024. Following this, they submitted a Second Amended Joint Chapter 11 Plan that was confirmed by the Bankruptcy Court on December 20, 2024. The plan involves the cancellation of all existing equity interests, including shares of common stock, leading to the loss of value for shareholders. The company’s common stock was delisted from Nasdaq on January 10, 2025, and has been trading on the OTC Pink Market since October 8, 2024, under the symbol “VTNRQ.” The document includes forward-looking statements regarding the company’s ability to successfully navigate the bankruptcy process and the implications for its liquidity and operating results. Monthly operating reports were filed with the court and are available electronically, though they are not considered reliable for investment decisions due to their limited scope and lack of audit.

Form Type: 8-K

Filing Date: 2024-12-27

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000199937124015845

Filing Summary: On December 20, 2024, Vertex Energy, Inc. received a Confirmation Order from the Bankruptcy Court confirming the Second Amended Joint Chapter 11 Plan. This plan outlines that upon its effective date, all existing equity interests, including shares of common stock, will be canceled. Holders of Allowed DIP Claims will receive New Common Stock in exchange for their claims. Holders of Allowed Term Loan Claims will also receive New Common Stock or a combination of New Common Stock and a New Term Loan Facility. The plan indicates that common stock trading is highly speculative and may not reflect actual recovery for shareholders. As of December 26, 2024, Vertex reported total assets of approximately $256.5 million and total liabilities of approximately $419.9 million. The company's existing common stock is now traded on the OTC Pink Market under the symbol 'VTNRQ' after being delisted from Nasdaq on October 8, 2024, following the initiation of bankruptcy proceedings.