---
schema_version: "secwatch.filing_event.v1"
accession: "0001654954-22-015716"
form_type: "8-K"
ticker: "BDCO"
cik: "0000793306"
company_name: "BLUE DOLPHIN ENERGY CO"
filed_at: "2022-11-25T23:59:59+00:00"
generated_at: "2026-06-21T13:10:30.420307+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001654954-22-015716
- form_type: 8-K
- ticker: BDCO
- cik: 0000793306
- company_name: BLUE DOLPHIN ENERGY CO
- filed_at: 2022-11-25T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/793306/000165495422015716/0001654954-22-015716-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/793306/000165495422015716/bdco_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001654954-22-015716
- JSON: https://secwatch.observer/filing/0001654954-22-015716.json
- Plain text: https://secwatch.observer/filing/0001654954-22-015716.txt

## Key facts
- Material Agreements
  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
  source text: 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”),
  evidence_url: https://www.sec.gov/Archives/edgar/data/793306/000165495422015716/0001654954-22-015716-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.