Teekay LNG Partners (TGP) changed its status from a limited partnership formed under the laws of the Republic of the Marshall Islands into a limited liability company under the same country’s laws on 25th February.
Under Marshall Islands law, the conversion is deemed to be a continuation of the existence of TGP (in its previous partnership form), but now in its new form.
Accordingly, all of the rights and liabilities of TGP (in its previous partnership form) are automatically vested in Seapeak, the company explained.
Simultaneously with the company’s conversion, TGP changed its name from Teekay LNG Partners to Seapeak.
As a result of the conversion and renaming, effective on 28th February, 2022, the ticker symbols for Seapeak’s preferred units was changed and began trading under their new symbols.
In addition, Seapeak filed to delist all of its issued and outstanding common units from the New York Stock Exchange (NYSE), which came into effect 24th January, 2022.
