Calumet Specialty Products (CLMT) has released an update.
Calumet Specialty Products Partners, L.P. is undergoing a significant transformation as it transitions into a new Delaware corporation, Calumet, Inc. This strategic move will see the original partnership and its general partner become subsidiaries of the new entity. Central to this corporate reorganization is a restructuring agreement that includes amendments dictating the governance of the new corporation by a 10-member board, and detailing the exchange of common units for common stock. With unanimous board approval and conditions set for unitholder consent, tax elections, and regulatory clearance, this corporate metamorphosis aims to streamline operations and position the company for future growth, subject to meeting specific conditions by August 2024.
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