Vertex Energy, Inc. — Representation of Vertex Energy, Inc. (VTNR) and 23 of its subsidiaries (“Vertex”) in their prearranged Chapter 11 cases filed in the U.S. Bankruptcy Court for the Southern District of Texas. Vertex is a leading energy transition company and marketer of high-quality refined products. Vertex filed for Chapter 11 with a restructuring support agreement (“RSA”) that is supported by 100% of the company’s term loan lenders. The RSA and related Chapter 11 plan provide for a recapitalization of the business through a debt-for-equity exchange or a sale of all or substantially all of the debtors’ assets. Vertex commenced its Chapter 11 cases with a $280 million debtor-in-possession financing facility and a commitment from the Company’s intermediation counterparty to continue performing under Vertex’s critical intermediation facility.
American Tire Distributors, Inc. (2024) — Representation of American Tire Distributors, Inc. and 12 of its debtor affiliates (“ATD”) in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. ATD operates the largest distribution network of replacement tires across North America. Prior to commencing its Chapter 11 cases, ATD had approximately $1.9 billion in funded debt, across a term loan and asset-based lending facility. ATD executed an RSA with a group of lenders holding more than 90% of their term loan and 100% of their FILO facility and commitments from the same group of lenders as well as their ABL lenders to provide debtor-in-possession financing, which included $250 million of new money commitments.
