Calumet, Inc. /DE (CLMT) presents a deeply negative liquidation posture as of March 31, 2026. MFFAIS-reported CLV of negative $3.1B, LLV of negative $2.8B, and OLV of negative $2.4B confirm equity is structurally underwater under any liquidation haircut assumption. The balance sheet shows total assets of $2.76B against total liabilities of $3.55B, producing book equity of negative $1.04B before applying any haircuts. Under liquidation haircuts, the picture deteriorates further: cash of $138.6M recovers at 100%; AR of $358.4M at 90-95% yields approximately $322-340M; inventory of $369.5M at 60% yields approximately $222M; PP&E net of $1.34B at 50-70% yields approximately $668M-$935M. Intangibles and other noncurrent assets of $490.7M are assigned zero recovery value. Gross asset recovery under liquidation is approximately $1.35-1.65B against face-value liabilities of $3.55B plus the redeemable noncontrolling interest of $250.6M — producing a recovery deficit to equity of roughly $2.1-2.5B, consistent with the MFFAIS OLV/LLV range. Key liability drivers: long-term debt carrying value of $2.33B (face $2.38B) dominated by the $825.2M DOE Loan at MRL (non-recourse to restricted subsidiaries but consolidates), $555M 2031 Notes, $425M 2028 Notes aggregate, $200M 2029 Secured Notes, and $273M in terminal/refinery asset financing arrangements. The Shreveport facility's organic chloride contamination event in Q1 2026 reduced operational throughput and contributed to the Specialty Products and Solutions segment gross loss widening to $62.9M from $34.0M in the prior year period. Operating cash burn was $86.2M in Q1 2026 versus $29.3M in Q1 2025, driven by a $125.4M increase in accounts receivable — a working capital drag that would crystallize as a partial offset in orderly liquidation but erodes near-term liquidity. Retained deficit of $1.89B reflects the compounding effect of sustained gross losses across both operating segments. The Montana/Renewables segment continues generating negative Adjusted EBITDA of $12.3M excluding tax credits (CFPCs). The accumulated LIFO reserve excess of $60.7M over stated LIFO value means inventory liquidation proceeds under any distressed scenario would likely trail even the 60% haircut assumption. The filing discloses two DOE waiver agreements executed in Q1 2026 (February 10 and March 30, 2026) related to the MRL DOE Loan, suggesting covenant tension at the MRL level, though those waivers are not separately XBRL-tagged. Total liquidity of $462.8M as of March 31, 2026, down from $542.7M at March 31, 2025.
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