06:30 AM EDT, 09/25/2024 (MT Newswires) -- Vertex Energy's ( VTNR ) shares were down over 55% in premarket activity Wednesday after the company said overnight that it commenced Chapter 11 "cases" in the US Bankruptcy Court for the Southern District of Texas.

The company said late Tuesday that the move is designed to facilitate its restructuring agreement with "overwhelming support" from 100% of its term loan lenders."

The restructuring includes exploring a sale of the company, which disclosed $80 million in new debtor-in-possession financing for its day-to-day business operations.

Vertex anticipates confirming the Chapter 11 plan by the end of the year.

Price: 0.1610, Change: -0.20, Percent Change: -55.40