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 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 effort to transition away from a legacy real estate-heavy balance sheet toward a streamlined platform focused on operating performance and scalable growth through Resource Group. The Company continues to evaluate opportunities to monetize or restructure remaining real estate assets in a manner that enhances liquidity, reduces leverage, and supports long-term shareholder value. RenX believes that this transaction, together with continued execution at Resource Group, positions the Company for a more focused, operationally driven future with improved financial flexibility.
Additional details regarding the transaction will be disclosed in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission.
About RenX Enterprises, Inc.
Ren X Enterprises Corp. is a real estate development and environmental solutions company. Formed in 2021 as Safe and Green Development Corporation, the Company originally focused on the direct acquisition and indirect investment in properties across the United States intended for development into green single-family or multifamily housing projects. The Company is currently focused on the monetization of its legacy real estate asset portfolio.
The Company's primary operations consist of 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 is expanding into the production of sustainable, high-margin potting media and soil substrates through advanced milling technology. The Company's operations also include a logistics platform that provides transportation services across biomass, solid waste, and recyclable materials, supporting both internal operations and third-party infrastructure needs.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are or may be deemed to be forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions. These forward-looking statements include, without limitation, statements regarding the Company's strategy to reduce interest expense, validate underlying legacy real estate asset value, and continue its transition toward an operating model centered on Resource Group; actively marketing for sale the Company's Durant, Oklahoma property; reducing future interest expense by approximately $850,000 and meaningfully improving the Company's overall debt profile; focusing capital and management attention on growing Resource Group, while continuing to responsibly restructure and unlock value from the Company's remaining real estate portfolio; transitioning away from a legacy real estate-heavy balance sheet toward a streamlined platform focused on operating performance and scalable growth through Resource Group; continuing to evaluate opportunities to monetize or restructure remaining real estate assets in a manner that enhances liquidity, reduces leverage, and supports long-term shareholder value; and the transaction, together with continued execution at Resource Group, positioning the Company for a more focused, operationally driven future with improved financial flexibility.
These forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience, perception of historical trends, current conditions, and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability to continue its transition toward an operating model focused on operating performance and scalable growth through Resource Group; the Company's ability to advance monetization initiatives across its real estate and legacy asset portfolio; the Company's ability to maintain adequate liquidity and working capital; reliance on third-party technologies and partners; availability and cost of feedstock and other inputs; market acceptance of engineered growing media products; general economic and market conditions; and other factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and its subsequent filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
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