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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 by resin producers
  • Rev­enues declined from 2018 to 2020 with neg­a­tive EBIT­DA each year, exac­er­bat­ed by COVID-19
  • The biggest chal­lenge was find­ing a lender will­ing to invest in a Com­pa­ny with past-due lia­bil­i­ties, declin­ing rev­enues, and neg­a­tive EBITDA
  • Anoth­er chal­lenge was find­ing a lender will­ing to take assume the lega­cy loan on the refin­ery real estate
  • The Com­pa­ny also was involved in a sig­nif­i­cant law­suit and was under refi­nanc­ing pres­sure from its lega­cy work­ing cap­i­tal lender


  • Chi­ron suc­cess­ful­ly worked with man­age­ment to get the Com­pa­ny to get back on track to pos­i­tive cash flow through­out the term of the engage­ment. Q1 2021 rev­enues were up sub­stan­tial­ly and the Com­pa­ny pro­duced pos­i­tive EBITDA.
  • Chi­ron worked to bet­ter man­age cash on a week­ly basis, iden­ti­fy­ing cost-cut­ting effi­cien­cies and pri­or­i­tiz­ing pay­ments to crit­i­cal ven­dors. Chi­ron also worked with the major cred­i­tor to nego­ti­ate for­bear­ance exten­sions allow­ing time to run a com­pet­i­tive cap­i­tal raise for the even­tu­al refi­nanc­ing of the work­ing cap­i­tal line of credit
  • Chi­ron suc­cess­ful­ly iden­ti­fied a group of new lenders to refi­nance the lega­cy bank, while also pro­vid­ing addi­tion­al liq­uid­i­ty to elim­i­nate crit­i­cal payables
  • In com­plet­ing this refi­nanc­ing, Chi­ron has repo­si­tioned the Com­pa­ny for a more com­pet­i­tive and attrac­tive M&A exit opportunity

We are so appre­cia­tive of Chi­ron for the work done to secure the new line of cred­it. Please know how very much I appre­ci­ate all the focused, hard work of the Chi­ron Team.” — CEO, Refin­er of Petro­chem­i­cals and Renew­able Fuel

The Challenge

The biggest challenge was finding a lender willing to invest in a Company with past-due liabilities, declining revenues, and negative EBITDA.

The Chiron Solution

Chiron successfully worked with management to get the Company to get back on track to positive cash flow throughout the term of the engagement. Q1 2021 revenues were up substantially and the Company produced positive EBITDA.

The Result

Chiron successfully identified a group of new lenders to refinance the legacy bank, while also providing additional liquidity to eliminate critical payables.

Is your com­pa­ny per­form­ing like it should?