By Sabela Ojea
Calumet will have to wait to receive the first part of its previously approved $1.44 billion loan facility that is now under review.
The manufacturer of specialty branded products and renewable fuels said Tuesday it was informed about a tactical delay, which may last or days or weeks, by the Energy Department's Loan Programs Office. The facility is being reviewed to make sure it's in alignment with White House priorities, the company said.
Calumet was to receive a first tranche of about $782 million from the government. The loan facility, which closed on Jan. 10, will fund the construction and expansion of a renewable fuels facility in Great Falls, Mont., owned by Calumet's subsidiary Montana Renewables.
"We look forward to a quick review confirming that we are aligned with the Administration's goals," Chief Executive Todd Borgmann said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
January 28, 2025 19:01 ET (00:01 GMT)
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