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Case Studies

Refin­er of Petro­chem­i­cals and Renew­able Fuel


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  • The Com­pa­ny is a spe­cial­ty man­u­fac­tur­er of renew­able jet fuel from used cook­ing oil and inter­me­di­ate chem­i­cals sold to resin producers.
  • After prof­itable years in 2021 and 2022, the Com­pa­ny encoun­tered major head­winds in the first three quar­ters of 2023 as a result of increased com­pe­ti­tion, a decrease in demand and dif­fi­cul­ty sourc­ing feed­stock at accept­able terms.
  • Based on its pre­vi­ous expe­ri­ence with the Com­pa­ny, Chi­ron was engaged in August 2023 as Invest­ment Banker and Finan­cial Advisor
  • After a thor­ough review, Chi­ron deter­mined that Chap­ter 11 was the best alter­na­tive to reduce finan­cial pres­sure on the Com­pa­ny and give it the breath­ing room need­ed to reor­ga­nize and restruc­ture. The Com­pa­ny filed for Chap­ter 11 pro­tec­tion in Sep­tem­ber 2023.


  • Chi­ron worked to bet­ter man­age cash on a week­ly basis, iden­ti­fy­ing cost-cut­ting effi­cien­cies and pri­or­i­tiz­ing pay­ments to crit­i­cal vendors.
  • Lever­ag­ing its exten­sive net­work, Chi­ron ini­ti­at­ed a search for debtor-in-pos­ses­sion (“DIP”) financ­ing and reached out to 18+ poten­tial lenders, many of which Chi­ron had worked with in the past.
  • Chi­ron was ulti­mate­ly suc­cess­ful in secur­ing total DIP financ­ing com­mit­ments of $17.5 mil­lion from two lenders (one of which was the Company’s lega­cy lender), includ­ing a $10 mil­lion facil­i­ty secured by the Company’s 8.5‑acre facil­i­ty. This gave the Com­pa­ny suf­fi­cient liq­uid­i­ty through Q1 2024 to enable a sale of the business.
  • Con­cur­rent with secur­ing DIP financ­ing, Chi­ron also com­menced a con­trolled auc­tion sales process for the assets and busi­ness of the Com­pa­ny with a clos­ing tar­get for Q1 2024.

We have been so pleased with the work the Chi­ron team has done to help our com­pa­ny dur­ing this dif­fi­cult time”- CEO

The Challenge

After profitable years in 2021 and 2022, the Company encountered major headwinds in the first three quarters of 2023 as a result of increased competition, a decrease in demand and difficulty sourcing feedstock at acceptable terms.

The Chiron Solution

After a thorough review, Chiron determined that Chapter 11 was the best alternative to reduce financial pressure on the Company and give it the breathing room needed to reorganize and restructure. The Company filed for Chapter 11 protection in September 2023.

The Result

Chiron was ultimately successful in securing total DIP financing commitments of $17.5 million from two lenders (one of which was the Company’s legacy lender), including a $10 million facility secured by the Company’s 8.5-acre facility. This gave the Company sufficient liquidity through Q1 2024 to enable a sale of the business.

Is your com­pa­ny per­form­ing like it should?