Item 8.01. Other Events.
On June 25, 2009, GreenHunter Energy, Inc.'s wholly owned subsidiary, GreenHunter BioFuels, Inc., a refiner and producer of EN and ASTM quality biodiesel, entered into and executed a definitive Amendment to its existing Credit Agreement with WestLB AG (the "Lender") for the Company's term loan and working capital line of credit with the Lender in the principal amounts of $33.5 million and $10 million, respectively. The loan facilities are secured predominantly by the Company's existing biodiesel refinery assets located in Houston, Texas.
Pursuant to the terms and conditions of the Amendment to the Credit Agreement, the Lender has agreed to waive any claims of Event(s) of Default until November 15, 2009. Additionally, due to the anticipated settlement of certain business interruption and property damage insurance claims with various underwriters related to damages sustained at GreenHunter BioFuels from Hurricane Ike in September, 2008, the Lender will receive a significant paydown on its loans, and additionally will postpone the repayment of the balance of its term loan until November 15, 2009. All remaining funds due from insurance proceeds will be used at GreenHunter BioFuels to fund existing working capital requirements.
Additionally, GreenHunter BioFuels has retained an investment banking firm that will be seeking a potential buyer of the assets, possible domestic and/or international strategic partners, alternative financing possibilities of the existing assets, potential new equity capital, and working capital in a sufficient amount to possibly return the Houston biodiesel refinery to operational status.
Item 9.01. Financial Statements and Exhibits
(a) Financial Statements of Business Acquired. Not applicable.
(b) Pro Forma Financial Information. Not applicable.
(c) Shell Company Transactions. Not applicable.
(d) Exhibits.

Exhibit No. Exhibit Title Item 10.1 Amendment No 1 to the Second Amended and Restated Credit Agreement dated as of March 7, 2008 among GreenHunter BioFuels Inc., WestLB AG New York Branch as the administrative agent, WestLB New York Branch as the LC Issuing Bank and the Lenders Party to the Amended and Restated Credit Agreement from time to time

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