Blue Dolphin Energy extends forbearance with Veritex to March 29, 2024 on $27.9M debt

BLUE DOLPHIN ENERGY CO

Forbearance extended through March 29, 2024; existing defaults from missed payments since Feb 2021 continue.
Outstanding principal as of Dec 21, 2023: $19.68M (Lazarus Energy) and $8.19M (Lazarus Refining), totaling ~$27.87M.
CEO Jonathan Carroll and his entity own ~83% of Blue Dolphin; he remains CEO/President.
Borrowers must make monthly interest payments at non-default rate; $1M reserve account must be replenished quarterly.
If forbearance ends unpaid, Veritex may accelerate and foreclose on collateral including refinery assets.

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