RenX completes debt restructuring, transfers Texas property for $5M

RenX Enterprises, Inc. (NASDAQ: RENX) completed a debt restructuring that transferred its Lago Vista, Texas property to a lender in exchange for conditional extinguishment of $5.0 million from an approximately $7.0 million outstanding secured note, according to a company statement.

The transaction reduces the company's future interest expense by approximately $850,000. Under the restructuring agreement, RenX will receive 70% of any net sale proceeds exceeding $5.0 million when the lender sells the Lago Vista property.

The remaining $2.0 million balance of the note has been secured against RenX's Durant, Oklahoma property, which the company plans to market for sale during 2026. As part of the restructuring, RenX pledged its ownership interest in Norman Berry II as alternative collateral.

The company issued a $5.0 million promissory note to the lender that becomes effective if the outstanding debt is not paid within 24 months.

"By disposing of a legacy real estate asset, we reduced interest expense, simplified our capital structure, and strengthened our financial position," said David Villarreal, Chief Executive Officer of RenX Enterprises.

RenX, formerly known as Safe and Green Development Corporation, operates an environmental processing and logistics platform that includes a permitted 80-acre organics processing facility in Myakka City, Florida. The company processes source-separated green waste and produces potting media and soil substrates.

The restructuring supports the company's transition from real estate development toward focusing on its Resource Group operations. Additional transaction details will be disclosed in a Form 8-K filing with the Securities and Exchange Commission.

You May Also Be Interested In