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.
SunPower Corporation — Representation of SunPower Corporation and certain of its subsidiaries (“SunPower”) in their Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. SunPower is a leading provider of residential solar energy solutions throughout North America, having fitted over half a million homes with its solar energy systems. At the time of the Chapter 11 filing, the SunPower enterprise had over $2 billion of total indebtedness. Prior to filing its Chapter 11 cases, SunPower entered into a stalking horse purchase agreement that contemplates a going-concern sale of its key businesses.
