Blueknight Energy Partners, L.P. (NASDAQ: BKEP) (“BKEP” or the “Partnership”), a midstream energy company focused on providing integrated services for companies engaged in the production, distribution and marketing of crude oil, asphalt and other petroleum products, today announced that its unitholders approved certain amendments to its partnership agreement and the long-term incentive plan of its general partner during a special meeting of the Partnership’s unitholders held on September 14, 2011.
“The approval of the amendments to BKEP’s partnership agreement is key to the refinancing and restructuring of the Partnership. We appreciate the unitholders support. We remain positive on BKEP’s future and look forward to building value for our unitholders, our customers and our employees,” explained Mr. James C. Dyer, Chief Executive Officer of BKEP’s general partner.
Approval of the Partnership Agreement Amendment Proposal (as defined in the definitive proxy statement filed with the Securities and Exchange Commission on July 28, 2011) required the affirmative vote of the majority of the Partnership’s common units (excluding the common units owned by BKEP’s general partner and its affiliates) and subordinated units. Approximately 76.6% of the Partnership’s outstanding common units participated in voting relating to the Partnership Agreement Amendment Proposal. Votes cast by common unitholders in favor of the Partnership Agreement Amendment Proposal totaled approximately 16.3 million common units, representing approximately 97.3% of all votes cast by common unitholders and approximately 75.1% of all outstanding common units eligible to vote.
Approval of the LTIP Proposal (as defined in the definitive proxy statement filed with the Securities and Exchange Commission on July 28, 2011) required the affirmative vote of the majority of the votes cast by the Partnership’s unitholders. Approximately 51.0 million of the Partnership’s outstanding units participated in voting relating to the LTIP Proposal with approximately 90.7% of such votes cast in favor of the LTIP Proposal.
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