Business
RenX Enterprises Completes Debt Restructuring, Transfers Lago Vista Property to Lender for Conditional $5.0 Million Valuation Strengthening Balance Sheet and Advancing Strategic Focus on Resource Group
MIAMI, FL , Jan. 06, 2026 (GLOBE NEWSWIRE) -- RenX Enterprises, Inc. (“RenX” or the “Company”) (NASDAQ: RENX), formerly known as Safe and Green Development
About this update from Renx Enterprises Corp.
[{"type":"text","content":"MIAMI, FL , Jan. 06, 2026 (GLOBE NEWSWIRE) -- RenX Enterprises, Inc. (“RenX” or the “Company”) (NASDAQ: RENX), formerly known as Safe and Green Development Corporation, today announced the restructuring of the Company’s approximately $7.0 million outstanding secured note on its Lago Vista, Texas property. Under the restructuring, in exchange for the transfer of title to the Lago Vista, Texas property to the Company’s lender, the lender agreed to conditionally extinguish $5.0 million of the secured note subject to the provisions of the agreement which provide, among other things, for the sale of the Lago Vista property by the lender. The transaction represents a meaningful step in RenX’s strategy to reduce interest expense, validate underlying legacy real estate asset value, and continue the Company’s transition toward an operating model centered on Resource Group. In connection with the transaction, $2.0 million of the remaining balance of the note has been secured against the Company’s Durant, Oklahoma property, which RenX intends to actively market for sale during 2026. As an inducement to complete the restructuring, the Company has also pledged its ownership interest in Norman Berry II as alternative collateral for the loan. The transaction is expected to reduce future interest expense by approximately $850,000 and meaningfully improve the Company’s overall debt profile. The restructuring documents provide that the Company will receive 70% of any net sale proceeds in excess of $5.0 million when the Lago Vista property is sold by the lender. In connection with the restructuring the Company issued a $5.0 million promissory note to the lender which goes into effect if the entire outstanding indebtedness owed to the lender is not paid within 24 months. “This transaction reflects disciplined execution against our balance sheet strategy,” said David Villarreal, Chief Executive Officer of RenX Enterprises. “By disposing of a legacy real estate asset, we reduced interest expense, simplified our capital structure, and strengthened our financial position. These actions directly support our ability to focus capital and management attention on growing Resource Group, while continuing to responsibly restructure and unlock value from our remaining real estate portfolio.” Management noted that the transaction is aligned with RenX’s broader ...