Blue Dolphin enters forbearance agreement with Veritex; pays $5.4M in past due amounts

BLUE DOLPHIN ENERGY CO

Borrowers will pay $5,424,369 to Veritex covering past-due principal, interest, and $1M reserve deposit.
Veritex forbears from exercising remedies from Nov 18, 2022 through Sept 30, 2023.
If all amounts paid by Sept 30, 2023, Veritex waives ~$400k in late fees.
CEO states company is seeking new long-term debt facilities to refinance most senior secured debt.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BLUE DOLPHIN ENERGY CO entered into Forbearance Agreement with Veritex Community Bank valued at approximately $5.4 million (effective 2022-11-18).

Action: entry
Counterparty: Veritex Community Bank
Value: approximately $5.4 million
Effective: 2022-11-18

Exact text from the filing

Effective November 18, 2022, Lazarus Energy LLC (“Lazarus Energy”), Lazarus Refining & Marketing LLC (“Lazarus Refining” and, together with Lazarus Energy, the “Borrowers”), Blue Dolphin Energy Company (the “Company”), Lazarus Energy Holdings LLC (“Lazarus Holdings”), and Jonathan Carroll (“Carroll” and , together with Borrowers, the Company and Lazarus Holdings, the “Lazarus Parties”), entered into a Forbearance Agreement (the “Forbearance Agreement”) with Veritex Community Bank (“Veritex”),

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Source: SEC EDGAR

accession 0001654954-22-015716

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