Commodities
Oil Refiner Vertex Energy Files Bankruptcy, Explores Sale
- Vertex listed $772 million in assets and $643 million in debt
- Firm will solicit offers to sell its assets or restructure
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Publicly traded oil refiner Vertex Energy Inc. filed bankruptcy to implement a lender-backed plan to either sell its assets or restructure its balance sheet.
Vertex Energy sought court protection late Tuesday in Texas, listing more than $772 million in assets and $642.8 million in debt on its Chapter 11 petition. The company’s shares have been declining for months and were trading at about 14 cents on Wednesday.