Current Report Filing (8-k)
December 29 2017 - 3:22PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report
(Date of earliest event reported):
December 27, 2017
Blue Dolphin Energy Company
(Exact name of registrant as specified in its charter)
Delaware
(State
or Other Jurisdiction
of Incorporation)
|
0-15905
(Commission
File Number)
|
73-1268729
(IRS
Employer Identification
No.)
|
801
Travis Street, Suite 2100
Houston,
Texas 77002
(Address of principal
executive office and zip code)
(713)
568-4725
(Registrant’s
telephone number, including area code)
(Not Applicable)
(Former
name or former address, if changed since last report)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2 below):
[ ] Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
☐
|
Item 1.01
|
Entry
into a Material Definitive Agreement.
|
As
previously disclosed, on September 26, 2017, Blue Dolphin Energy Company (“Blue Dolphin”), its wholly owned subsidiary
Lazarus Energy, LLC (“LE”) and their affiliates Lazarus Energy Holdings, LLC and Jonathan Carroll (collectively, the
“Lazarus Parties”) entered into a Letter Agreement with GEL Tex Marketing, LLC (“GEL”), effective September
18, 2017 (the “Letter Agreement”). Among other matters, the Letter Agreement confirmed the parties’ agreement
to the continuation of the hearing on confirmation of the final award in the arbitration proceedings between LE and GEL for a
period of time (the “Continuance Period”), subject to the terms of the Letter Agreement, in order to facilitate settlement
discussions between the parties.
On
December 27, 2017, the Lazarus Parties and GEL entered into a third amendment to the Letter Agreement (the “Third Amendment”),
which extended the Continuance Period through February 1, 2018, in order to facilitate ongoing discussions.
Under
the Third Amendment, the Lazarus Parties, including Blue Dolphin, remain prohibited from making any pre-payments on indebtedness
through the end of the extended Continuance Period other than in the ordinary course of business as described in the Letter Agreement.
Additionally, the Lazarus Parties will continue to temporarily suspend, during the Continuance Period, payments to Jonathan Carroll
pursuant to certain previously disclosed guaranty fee agreements between Mr. Carroll and certain subsidiaries of Blue Dolphin.
As previously disclosed, the terms of the guaranty fee agreements were amended in April 2017 to reflect payments 50% in cash and
50% in Blue Dolphin common stock, and subsequently, Mr. Carroll agreed to accept the initial payment under the amended and restated
guaranty fee agreements, which occurred in May 2017, 100% in Blue Dolphin common stock. There have been no cash payments to Mr.
Carroll under the guaranty fee agreements since August 2016.
Blue
Dolphin continues to be unable to provide any assurance as to whether negotiations with GEL will result in a settlement or as
to the potential terms of any such settlement.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
Date:
December 29, 2017
Blue Dolphin
Energy Company
/s/ JONATHAN
P. CARROLL
Jonathan
P. Carroll
Chief
Executive Officer, President,
Assistant
Treasurer and Secretary
(Principal Executive
Officer)
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