The legal and financial advisors in the Vertex Energy bankruptcy and restructuring have filed their applications for official employment, and the numbers never cease to amaze.
In its petition to U.S. Bankruptcy Judge Christopher Lopez, Vertex’s lead legal counsel Kirkland & Ellis said its partners working for the debtor will charge hourly rates ranging from $1,195 to $2,450. Kirkland’s of counsel rates start at $820 an hour and go to $2,245. Rates for the firm’s associates go from $745 to $1,495. And paralegals at Kirkland have hourly billing rates between $325 and $625.
Court documents show that Vertex paid Kirkland a pre-bankruptcy filing retainer of $7.3 million.
Vertex chose Bracewell as co-counsel and lead conflicts counsel and paid the Houston-based firm $4.48 million prior to the bankruptcy filing.
In its application for employment, Bracewell states that its partners working on the restructuring will charge hourly rates from $1,025 to $1,725. Associates and counsel have rates starting at $675 an hour to $1,100. The firm’s paralegals charge $325 to $475 an hour.
Vertex chose Alvarez & Marsal to lead its restructuring. In its application for employment, A&M states that its managing directors have hourly rates from $1,075 to $1,525. The financial advisors’ associates charge $625 to $825, and its analysts’ rates are $425 to $625.
Vertex paid A&M $8.5 million prior to filing the bankruptcy.
Perella Weinberg Partners is serving as the lead investment banker for Vertex in the bankruptcy. In court documents, Perella Weinberg states that it is charging Vertex a $150,000 monthly fee and a restructuring fee of $3.5 million.
The case is In re: Vertex Energy, Southern District of Texas, Case No. 24-90507.