Calumet, Inc. /DE — Form 10-Q
Filed August 7, 2026 · analyzed by the Periodic Agent
10-Q
▼ Likely negative
significance 48/100
What the filing says
Calumet Inc., as Sponsor, obtained a Limited Conditional Waiver and Consent Agreement dated June 30, 2026 from the U.S. Department of Energy (DOE) concerning Montana Renewables LLC's DOE-guaranteed loan. The waiver conditionally waives an Event of Default under Section 10.01(z) (Base Cash Equity Reserve Account) of the underlying Loan Guarantee Agreement for the period July 11, 2026 through December 31, 2026, and similarly waives Section 2.02(a)(ii) of the Sponsor Support Agreement during that period. No dollar amount or specific loan balance is disclosed in the filing; the waiver is limited in scope and does not constitute broader consent or waiver of other covenants, and all other financing documents remain in full force and effect.
Why this rating
Cash equity reserve default at a material DOE-backed renewable asset signals liquidity stress. Waiver period (6 months) and need for covenant relief suggest operational/cash-flow pressure at ~$1.4B parent; however, limited scope and conditionality reduce immediate risk. Magnitude unclear without loan size disclosure.
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