8-K
filed January 22, 2025, 6:59 PM ET
CIK 0000890447
other material
confidence high
sentiment positive
materiality 1.00
Vertex Energy Inc.: going-concern / distress — Vertex Energy emerges from Chapter 11, cancels stock, becomes private with new CEO
Vertex Energy Inc.
- Approximately $320M of prepetition debt eliminated; up to $100M exit financing secured, including $40M initial borrowings.
- All existing common stock (VTNRQ) and warrants cancelled; new equity issued to DIP/term loan lenders including BlackRock, Highbridge, Whitebox.
- Mark Smith appointed CEO; Benjamin Cowart and Chris Carlson depart; new board with Eugene Davis as Chairman appointed.
- Company becomes privately held; intends to file Form 15 to deregister and suspend SEC reporting obligations.
- New term loan facility matures Jan 2030 at Term SOFR + 6.00% or ABR + 5.00%; secured by substantially all assets.
Key facts
Extracted from this filing and checked against the source text.
Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.95
Vertex Energy Inc. entered chapter 11 in unknown (petition 2025-01-21).
- Proceeding
- chapter 11
- Petition
- 2025-01-21
Exact text from the filing
On January 21, 2025, the Debtors filed a Notice of (I) Entry of An Order Confirming the Second Amended Joint Chapter 11 Plan of Vertex Energy, Inc. and its Debtor Affiliates and (II) Occurrence of the Effective Date .
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Chris Carlson departed as Chief Financial Officer at Vertex Energy Inc..
- Action
- ceased to serve
- Role
- Chief Financial Officer
Exact text from the filing
Chris Carlson ceased to serve as the Company's Chief Financial Officer
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Zachary Viders was appointed as Director at Vertex Energy Inc..
- Action
- designated
- Role
- Director
Exact text from the filing
Eugene Davis, Zachary Viders, Jacob Mercer, and Daniel Hudson were designated as members of the board of directors of Reorganized Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Benjamin P. Cowart departed as Chief Executive Officer at Vertex Energy Inc..
- Action
- ceased to serve
- Role
- Chief Executive Officer
Exact text from the filing
Benjamin P. Cowart ceased to serve as the Company's Chief Executive Officer
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jeffrey Stein departed as Director at Vertex Energy Inc..
- Action
- ceased to be
- Role
- Director
Exact text from the filing
Benjamin P. Cowart, Dan Borgen, Karen Maston, Odeh Khoury, Timothy C. Harvey and Jeffrey Stein ceased to be directors
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Timothy C. Harvey departed as Director at Vertex Energy Inc..
- Action
- ceased to be
- Role
- Director
Exact text from the filing
Benjamin P. Cowart, Dan Borgen, Karen Maston, Odeh Khoury, Timothy C. Harvey and Jeffrey Stein ceased to be directors
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Dan Borgen departed as Director at Vertex Energy Inc..
- Action
- ceased to be
- Role
- Director
Exact text from the filing
Benjamin P. Cowart, Dan Borgen, Karen Maston, Odeh Khoury, Timothy C. Harvey and Jeffrey Stein ceased to be directors
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Eugene Davis was appointed as Director at Vertex Energy Inc..
- Action
- designated
- Role
- Director
Exact text from the filing
Eugene Davis, Zachary Viders, Jacob Mercer, and Daniel Hudson were designated as members of the board of directors of Reorganized Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Karen Maston departed as Director at Vertex Energy Inc..
- Action
- ceased to be
- Role
- Director
Exact text from the filing
Benjamin P. Cowart, Dan Borgen, Karen Maston, Odeh Khoury, Timothy C. Harvey and Jeffrey Stein ceased to be directors
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Mark Smith was appointed as Director at Vertex Energy Inc..
- Action
- will join
- Role
- Director
Exact text from the filing
Upon his appointment as Chief Executive Officer, Mark Smith will join the Board of Directors
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Odeh Khoury departed as Director at Vertex Energy Inc..
- Action
- ceased to be
- Role
- Director
Exact text from the filing
Benjamin P. Cowart, Dan Borgen, Karen Maston, Odeh Khoury, Timothy C. Harvey and Jeffrey Stein ceased to be directors
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Daniel Hudson was appointed as Director at Vertex Energy Inc..
- Action
- designated
- Role
- Director
Exact text from the filing
Eugene Davis, Zachary Viders, Jacob Mercer, and Daniel Hudson were designated as members of the board of directors of Reorganized Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Benjamin P. Cowart departed as Director at Vertex Energy Inc..
- Action
- ceased to be
- Role
- Director
Exact text from the filing
Benjamin P. Cowart, Dan Borgen, Karen Maston, Odeh Khoury, Timothy C. Harvey and Jeffrey Stein ceased to be directors
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jacob Mercer was appointed as Director at Vertex Energy Inc..
- Action
- designated
- Role
- Director
Exact text from the filing
Eugene Davis, Zachary Viders, Jacob Mercer, and Daniel Hudson were designated as members of the board of directors of Reorganized Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Mark Smith was appointed as Chief Executive Officer at Vertex Energy Inc..
- Action
- appointed
- Role
- Chief Executive Officer
Exact text from the filing
Mark Smith was appointed as the Reorganized Company's Chief Executive Officer on the Effective Date
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Vertex Energy Inc.: Adopted new Organizational Documents in connection with emergence from Chapter 11.
Exact text from the filing
On the Effective Date, in connection with the Reorganized Debtors’ implementation of the Plan, the Reorganized Debtors adopted their New Organizational Documents.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.95
Vertex Energy Inc. underwent a change of control involving holders of Allowed DIP Claims and Allowed Term Loan Claims for 4,500,000 shares of New Common Stock representing 100% of the voting securities of the Company (closed 2025-01-21).
- Action
- change of control
- Counterparty
- holders of Allowed DIP Claims and Allowed Term Loan Claims
- Consideration
- 4,500,000 shares of New Common Stock representing 100% of the voting securities of the Company
- Closing
- 2025-01-21
Exact text from the filing
Pursuant to the Plan and following the cancellation of the Company’s Existing Equity, on the Effective Date, the holders of Allowed DIP Claims and Allowed Term Loan Claims received 4,500,000 shares of New Common Stock, as further described in Item 3.02, representing 100% of the voting securities of the Company.
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.