Blue Dolphin enters forbearance extension with Veritex to Dec 29, 2023

BLUE DOLPHIN ENERGY CO

First Amended Forbearance Agreement extends forbearance period to December 29, 2023.
Veritex will not exercise remedies under loan agreements for existing defaults through new termination date.
Veritex also forbears from testing financial covenant compliance during forbearance period.
CEO Jonathan Carroll, who owns ~83% of BDCO with LEH, is a party to the agreement.
Agreement effective September 30, 2023, entered into on October 30, 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

BLUE DOLPHIN ENERGY CO amended First Amended Forbearance Agreement with Veritex Community Bank valued at Forbearance extended to December 29, 2023 (effective 2023-09-30).

Action: amendment
Agreement: credit facility
Counterparty: Veritex Community Bank
Value: Forbearance extended to December 29, 2023
Effective: 2023-09-30

Exact text from the filing

On October 30, 2023, but effective September 30, 2023 (the “Effective Date”), the Lazarus Parties, together with Veritex, entered into a first amendment to the Forbearance Agreement (the “First Amended Forbearance Agreement”).

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BLUE DOLPHIN ENERGY CO filing history →

Source: SEC EDGAR

accession 0001654954-23-013769

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