Vitol Americas supports Clean Energy Holdings’ restructuring during Chapter 11

In Texas, Clean Energy Holdings, Inc. entered into a Restructuring Support Agreement with agreement and support from Vitol Americas Corp., as RCF lender, an ad hoc group of term loan lenders which holds approximately 96% of the term loans, and CTCI Americas, Inc. To facilitate the transactions contemplated under the RSA, the company commenced Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas.

Noah Verleun, President and CEO of GCE, stated, “As we enter this next phase of our restructuring process, we are appreciative of the continued support from our existing stakeholders. Their confidence in our upstream and downstream businesses, as demonstrated by this ongoing collaboration, reinforces the opportunity GCE has in the renewable fuels market, with our “farm-to-fuel” business model. I want to thank our employees for continuing to be fully engaged as we go through this process and prioritizing safety above all else. We feel confident this decision provides us the best pathway toward future success.”

The company has filed customary first day motions and plans to operate its businesses in the ordinary course, including requesting approval to continue paying our employees and funding its benefit programs in the normal course, as it pursues the holistic restructuring transactions set forth in the RSA. To fund this process and continue operating in the ordinary course, the company’s term loan lenders and CTCI have combined to provide an additional $100 million in new money debtor-in-possession financing and services, subject to certain terms and the satisfaction of certain conditions precedent.

The company has also filed a Chapter 11 plan and anticipates confirming their Chapter 11 plan by August 2025. Kirkland & Ellis is serving as restructuring counsel, Lazard is serving as the investment banker, and Alvarez & Marsal is serving as the financial advisor to the company.