Blue Dolphin subsidiary Lazarus Energy modifies $11.2M promissory note; monthly payments of $500k through Feb 2025

BLUE DOLPHIN ENERGY CO

Principal and accrued interest total $11,205,516 as of March 31, 2023; new monthly payments of $500,000 from April 2023 through February 2025.
Interest rate reset to 6.25% per year effective April 1, 2023.
Note holder agrees to forbear from remedies on existing defaults if payments are made; failure results in termination of forbearance after 30-day cure period.
Payments of $500,000 already made on April 7 and May 1, 2023.
Final payment of approximately $444,000 due in March 2025.

item 1.01 item 9.01

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 amended Payment Agreement with John H. Kissick valued at $11,205,516 (effective 2023-04-30).

Action: amendment
Agreement: credit facility
Counterparty: John H. Kissick
Value: $11,205,516
Effective: 2023-04-30

Exact text from the filing

On April 30, 2023, Lazarus Energy, LLC, a Delaware limited liability company (“LE”) and wholly owned subsidiary of Blue Dolphin Energy Company, and John H. Kissick (“Note Holder”) entered into a Payment Agreement, pursuant to which Note Holder agreed to modify the payment terms of a Promissory Note dated June 1, 2006 (as subsequently amended, restated, supplemented, or modified, the “Note”).

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Source: SEC EDGAR

accession 0001654954-23-005789

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