Blue Dolphin subsidiaries obtain waiver of covenant violations for 2021-2023 from lender and USDA

BLUE DOLPHIN ENERGY CO

Veritex Community Bank waived all covenant violations under subsidiary loan agreements for 2021-2023.
USDA approved Veritex's letter request for the same waiver period.
Lazarus Energy loan: $25M original principal; Lazarus Refining & Marketing loan: $10M.
Both loans are guaranteed by USDA's Rural Development Business & Industry loan program.
Announcement made on July 8, 2024, resolving past compliance issues.

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