Vertex Energy, Inc. filed chapter 11 on September 24, 2024 under a restructuring support agreement supported by 100% of its term loan lenders following a failed pivot into renewable diesel at its Mobile, Alabama refinery. The company operated a Gulf Coast petroleum refiner (88,000+ bpd capacity), used motor oil collection/re-refining operations, and, until 2024, a renewable diesel conversion initiative. The renewable diesel strategy underperformed due to production challenges, cost overruns (including a hydrogen facility project), and macroeconomic headwinds compressing biofuels margins; the company paused renewable operations in May 2024 and reconverted to conventional service during bankruptcy. The case also involved material Renewable Fuel Standard (RFS) compliance obligations (~$72M estimated), which were addressed through an EPA/DOJ settlement during the case requiring retirement of 18.8M RINs by March 31, 2025. Vertex's DIP facility totaled up to $280M (including $80M new money and $200M roll-up of term loans), with milestones designed to enforce a fast plan track. The confirmed plan deleveraged ~$320M of prepetition debt through a debt-to-equity recapitalization, converting term loan claims into equity ownership and pushing general unsecured claims into a GUC Trust funded with $2.225M cash plus causes of action. Vertex emerged on January 21, 2025 as a privately held company owned by certain lender funds (BlackRock, Highbridge, Whitebox, CrowdOut); the reorganized company secured exit financing of up to $100M (including $40M at emergence) and appointed a new CEO (Mark Smith, former CEO of Philadelphia Energy Solutions).