Calumet lenders grant further extension of deadline for Q3 financials

By Marisa Wong

Morgantown, W.Va., Dec. 1 – Calumet Specialty Products Partners, LP anticipates that it will be unable to deliver its unaudited financial statements for the quarter ended Sept. 30 by the Dec. 5 deadline, according to an 8-K filed Friday with the Securities and Exchange Commission.

The company cited financial reporting difficulties caused by the implementation of an enterprise resource planning system.

The lenders under the company’s second amended and restated credit agreement dated July 14, 2014 had previously postponed the deadline for the third quarter financial statements to Dec. 5, as disclosed in an 8-K on Nov. 15. The statements were originally required to be delivered by Nov. 14.

According to Friday’s 8-K, the lenders have consented to another extension of the deadline, this time until Dec. 31.

Failure to deliver the third quarter financial statements by that date will constitute and event of default under the credit agreement.

As of Nov. 29, there were no borrowings under the revolving portion of the credit agreement and $82.9 million of outstanding letters of credit.

Bank of America, NA is the agent for the lenders.

Calumet is an Indianapolis-based producer of specialty hydrocarbon products and fuel products.

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